Report Overview This section describes the GEM market's high-risk nature for small and medium-sized companies and clarifies the Exchange's non-responsibility for the report's content [GEM Characteristics and Disclaimer](index=2&type=section&id=GEM%20Characteristics%20and%20Disclaimer) This section outlines the Hong Kong Stock Exchange's GEM market as a listing platform for small and medium-sized companies, which typically carry higher investment risks and market volatility, and explicitly states that the Exchange is not responsible for the accuracy or completeness of this report's content - The GEM market is positioned as a listing platform for small and medium-sized companies, entailing **higher investment risks**[3](index=3&type=chunk) - GEM securities may be subject to **greater market volatility risks**, and high liquidity is not guaranteed[3](index=3&type=chunk) - Hong Kong Exchanges and Clearing Limited and the Stock Exchange are **not responsible** for the content of this report[3](index=3&type=chunk) Six-Month Period Summary This section provides a concise financial overview for the six months ended June 30, 2025, highlighting a significant revenue decrease, a shift from profit to loss, and no interim dividend recommendation [Financial Summary](index=3&type=section&id=Financial%20Summary) For the six months ended June 30, 2025, the Group's revenue significantly decreased by 62.8% year-on-year to HKD 45.0 million, turning a profit from the same period last year into a loss of HKD 30.0 million, with a basic loss per share of 1.21 HK cents. The Board does not recommend an interim dividend 2025 H1 Key Financial Indicators Comparison (as of June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 45,000 | 120,737 | -62.8% | | Gross Profit | 16,500 | 37,700 | -56.2% | | (Loss)/Profit Attributable to Owners of the Company | (30,000) | 53,200 | Shifted from profit to loss | | Basic (Loss)/Earnings Per Share | (1.21) HK cents | 2.14 HK cents | Shifted from profit to loss | | Total Equity Attributable to Owners of the Company (Period-end) | 1,611,000 | 1,639,000 (Dec 31, 2024) | -1.7% | | Net Asset Value Per Share (Period-end) | 0.65 HKD | 0.66 HKD (Dec 31, 2024) | -1.5% | - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[7](index=7&type=chunk) Interim Results This section presents the condensed consolidated interim financial statements, detailing the group's financial performance, position, equity changes, and cash flows for the six months ended June 30, 2025 [Condensed Consolidated Statement of Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's revenue significantly decreased by 62.8% year-on-year to HKD 44,974 thousand, and gross profit decreased by 56.1% to HKD 16,546 thousand. Due to a significant reduction in other income and net gains, and a fair value change in investment properties from profit to loss, the Group recorded a loss of HKD 30,070 thousand, compared to a profit of HKD 52,489 thousand in the same period last year Condensed Consolidated Statement of Comprehensive Income Key Data (for the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Revenue | 44,974 | 120,737 | -62.8% | | Cost of Sales | (28,428) | (83,080) | -65.8% | | Gross Profit | 16,546 | 37,657 | -56.1% | | Other Income and Net Gains | 11,680 | 76,863 | -84.8% | | Net Change in Fair Value of Investment Properties | (5,738) | 574 | Shifted from profit to loss | | Operating (Loss)/Profit | (28,285) | 53,316 | Shifted from profit to loss | | (Loss)/Profit Before Tax | (29,894) | 52,641 | Shifted from profit to loss | | (Loss)/Profit for the Period | (30,070) | 52,489 | Shifted from profit to loss | | (Loss)/Profit Attributable to Owners of the Company | (29,992) | 53,157 | Shifted from profit to loss | | Basic (Loss)/Earnings Per Share | (1.21) HK cents | 2.14 HK cents | Shifted from profit to loss | [Condensed Consolidated Statement of Financial Position](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets less current liabilities amounted to HKD 1,653,133 thousand, a slight decrease from December 31, 2024. Non-current assets remained stable, while a significant reduction in cryptocurrencies within current assets led to a decrease in total current assets. Net assets slightly decreased to HKD 1,607,370 thousand Condensed Consolidated Statement of Financial Position Key Data (as of June 30) | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current Assets | 519,675 | 516,739 | +0.6% | | Current Assets | 550,669 | 584,971 | -5.9% | | Assets Classified as Held for Sale | 850,200 | 850,200 | 0% | | Current Liabilities | 267,411 | 270,408 | -1.1% | | Net Current Assets | 1,133,458 | 1,164,763 | -2.7% | | Total Assets Less Current Liabilities | 1,653,133 | 1,681,502 | -1.7% | | Net Assets | 1,607,370 | 1,635,419 | -1.7% | | Equity Attributable to Owners of the Company | 1,611,041 | 1,639,012 | -1.7% | - Cryptocurrency holdings decreased by **27.3%**, from HKD 140,539 thousand as of December 31, 2024, to **HKD 102,126 thousand** as of June 30, 2025[12](index=12&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, total equity attributable to owners of the Company decreased from HKD 1,639,012 thousand at the beginning of the period to HKD 1,611,041 thousand at the end, primarily due to a loss of HKD 29,992 thousand recorded during the period, partially offset by foreign exchange translation gains from overseas operations of HKD 2,021 thousand Statement of Changes in Equity (for the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Equity Attributable to Owners of the Company at Beginning of Period | 1,639,012 | 1,705,704 | | (Loss)/Profit for the Period | (29,992) | 53,157 | | Exchange Differences on Translation of Overseas Operations | 2,021 | (1,694) | | Equity Attributable to Owners of the Company at End of Period | 1,611,041 | 1,757,167 | [Condensed Consolidated Statement of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, the Group's net cash from operating activities turned from a net outflow in the prior year to a net inflow of HKD 539 thousand, but net cash outflow from investing activities increased to HKD 15,202 thousand, while net cash outflow from financing activities decreased. Cash and cash equivalents at the end of the period significantly decreased to HKD 18,512 thousand Condensed Consolidated Statement of Cash Flows Key Data (for the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Net Cash Generated From/(Used In) Operating Activities | 539 | (22,651) | Shifted from outflow to inflow | | Net Cash Used In Investing Activities | (15,202) | (6,846) | Outflow increased by 122.1% | | Net Cash Used In Financing Activities | (1,519) | (2,012) | Outflow decreased by 24.5% | | Net Decrease in Cash and Cash Equivalents | (16,182) | (31,509) | Decrease narrowed | | Cash and Cash Equivalents at End of Period | 18,512 | 50,284 | -63.2% | - The increase in cash outflow from investing activities was primarily due to increased purchases of property, plant and equipment, investment properties, interests in an associate, and prepayments for construction works[19](index=19&type=chunk) Notes to the Unaudited Condensed Consolidated Interim Financial Statements This section provides detailed notes to the unaudited condensed consolidated interim financial statements, covering general information, basis of preparation, fair value measurements, segment information, and specific financial item breakdowns [General Information](index=11&type=section&id=General%20Information) Yuxing InfoTech Investment Holdings Limited is an exempted company incorporated in Bermuda and listed on the GEM of the Hong Kong Stock Exchange, primarily engaged in investment holding, with its subsidiaries mainly involved in information appliances, Internet Data Center (IDC), investment, and leasing businesses - The company's principal businesses include **information appliances, Internet Data Center (IDC), investment, and leasing businesses**[20](index=20&type=chunk) [Basis of Preparation](index=11&type=section&id=Basis%20of%20Preparation) These financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and the GEM Listing Rules, are unaudited but have been reviewed by the Audit Committee. The basis of preparation is historical cost, except for investment properties and financial assets at fair value through profit or loss, which are measured at fair value. The adoption of new/revised Hong Kong Financial Reporting Standards and Hong Kong Accounting Standards during the period did not result in significant changes - The financial statements are prepared in accordance with **Hong Kong Accounting Standard 34** and the **GEM Listing Rules**, are unaudited but reviewed by the Audit Committee[21](index=21&type=chunk) - The basis of preparation is **historical cost**, with investment properties and FVPL financial assets measured at fair value[21](index=21&type=chunk) - The adoption of new/revised Hong Kong Financial Reporting Standards and Hong Kong Accounting Standards during the period did not result in **significant changes** to the Group's accounting policies and reported amounts[22](index=22&type=chunk)[23](index=23&type=chunk) [Fair Value Measurement](index=12&type=section&id=Fair%20Value%20Measurement) The Group's fair value measurement of financial instruments is categorized into three levels, with Level 3 (unobservable inputs) financial assets at fair value through profit or loss recording a net change loss of HKD 2,194 thousand in the first half of 2025, compared to a profit of HKD 18,606 thousand in the same period last year. Valuations are performed by independent professional valuers and reviewed by the directors - Fair value measurements are categorized into three levels, with Level 3 (unobservable inputs) financial assets valued by **independent professional valuers** and reviewed by the directors[25](index=25&type=chunk)[27](index=27&type=chunk) Changes in Level 3 Fair Value Measured Financial Assets (for the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Beginning of Period | 166,932 | 121,528 | | Net Fair Value Change Recognized in Profit or Loss | (2,194) | 18,606 | | End of Period | 164,738 | 140,134 | - For the six months ended June 30, 2025 and 2024, there were **no transfers** between Level 1 and Level 2, or into or out of Level 3 fair value measurements[29](index=29&type=chunk) [Segment Information](index=15&type=section&id=Segment%20Information) The Group's businesses are divided into information appliances, IDC, investment, leasing, and other businesses. In the first half of 2025, revenue from both information appliances and IDC businesses significantly decreased, leading to the IDC segment turning from profit to loss, and the leasing business also recording a loss. Other income and net gains from investment business also significantly decreased. Geographically, revenue from Australia, the US, and China markets all saw substantial declines - The Group's reportable segments include **information appliances, IDC, investment, leasing, and other businesses**[37](index=37&type=chunk) Segment Revenue and Results Comparison (for the six months ended June 30) | Segment | 2025 Revenue (HKD thousands) | 2024 Revenue (HKD thousands) | Revenue Change (%) | 2025 Results (HKD thousands) | 2024 Results (HKD thousands) | Results Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Information Appliances | 31,860 | 93,337 | -65.9% | 4,133 | 5,083 | -18.7% | | IDC | 13,114 | 27,400 | -52.1% | (250) | 13,280 | Shifted from profit to loss | | Investment | – | – | N/A | 3,009 | 57,595 | -94.8% | | Leasing | – | – | N/A | (1,870) | 6,152 | Shifted from profit to loss | | Other Businesses | – | – | N/A | (12,308) | (6,820) | Loss widened | | **Total Revenue** | **44,974** | **120,737** | **-62.8%** | **(7,286)** | **75,290** | Shifted from profit to loss | Revenue by Geographical Region Comparison (for the six months ended June 30) | Region | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Australia | 19,643 | 63,338 | -69.1% | | United States | 3,314 | 17,400 | -81.0% | | China | 7,940 | 19,557 | -59.4% | | Hong Kong | 10,534 | 13,652 | -22.8% | | Other Overseas Markets | 3,543 | 6,790 | -47.9% | | **Total** | **44,974** | **120,737** | **-62.8%** | [Revenue, Other Income and Net Gains](index=20&type=section&id=Revenue%2C%20Other%20Income%20and%20Net%20Gains) The Group's total revenue decreased by 62.8% year-on-year, primarily due to reduced sales of information appliance goods and IDC property and facility rental income. Other income and net gains also significantly decreased by 84.8%, mainly impacted by reduced gains from the disposal of cryptocurrencies Revenue Composition Comparison (for the six months ended June 30) | Revenue Source | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Sales of Information Appliance Goods | 26,539 | 87,211 | -69.6% | | Information Appliance Support Service Income | 5,321 | 6,126 | -13.2% | | IDC Property and Facility Rental Income | 13,114 | 27,400 | -52.1% | | **Total Revenue** | **44,974** | **120,737** | **-62.8%** | Other Income and Net Gains Composition Comparison (for the six months ended June 30) | Other Income and Net Gains Source | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Rental Income from Investment Properties | 6,508 | 8,431 | -22.8% | | Interest Income from Bank Deposits | 86 | 380 | -77.4% | | Interest Income from Loans Receivable | 305 | 1,097 | -72.2% | | Net Foreign Exchange Gains | 498 | 58 | +758.6% | | Net Fair Value Gains on FVPL Financial Assets | 1,177 | 11,574 | -89.8% | | Gains on Disposal of Cryptocurrencies | 2,253 | 53,855 | -95.8% | | **Total Other Income and Net Gains** | **11,680** | **76,863** | **-84.8%** | [Finance Costs](index=21&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, the Group's finance costs decreased by 40.4% year-on-year to HKD 171 thousand, primarily due to reduced borrowing costs for bank and other loans Finance Costs Comparison (for the six months ended June 30) | Finance Cost Source | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Borrowing Costs for Bank and Other Loans | 13 | 213 | -93.9% | | Amortization of Interest Expense on Lease Liabilities | 158 | 75 | +110.7% | | **Total Finance Costs** | **171** | **288** | **-40.6%** | [(Loss)/Profit Before Tax](index=21&type=section&id=%28Loss%29%2FProfit%20Before%20Tax) For the six months ended June 30, 2025, the Group recorded a loss before tax of HKD 29,894 thousand, primarily impacted by a significant reduction in depreciation of property, plant and equipment, with no depreciation from cryptocurrency mining machines during the period (Loss)/Profit Before Tax Calculation Items (for the six months ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Net Reversal of Inventory Write-downs | (116) | (388) | Decrease | | Depreciation of Right-of-Use Assets | 3,070 | 3,142 | Decrease | | Depreciation of Property, Plant and Equipment | 6,032 | 23,075 | Significant decrease | | – Allocated to Cryptocurrency Costs | – | (10,402) | No longer incurred | - Depreciation of property, plant and equipment significantly decreased, mainly because cryptocurrency mining machines were **fully impaired in 2024**, and no depreciation was incurred during the period[51](index=51&type=chunk)[110](index=110&type=chunk) [Income Tax Expense](index=22&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, the Group's income tax expense was HKD 176 thousand, primarily for China corporate income tax. No taxable profits were generated by Hong Kong, US, and German operations, thus no related tax provisions were made. Certain Chinese subsidiaries enjoy preferential tax rates for small low-profit enterprises Income Tax Expense Comparison (for the six months ended June 30) | Tax Source | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | China Corporate Income Tax | 176 | 152 | +15.8% | - Hong Kong, US, and German operations had **no taxable profits**, thus no related tax provisions were made[52](index=52&type=chunk)[53](index=53&type=chunk) - Certain Chinese subsidiaries are designated as "small low-profit enterprises" and enjoy a **preferential corporate income tax rate of 5%**[52](index=52&type=chunk) [Dividends](index=23&type=section&id=Dividends) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[55](index=55&type=chunk) [(Loss)/Earnings Per Share](index=23&type=section&id=%28Loss%29%2FEarnings%20Per%20Share) For the six months ended June 30, 2025, the Group's basic and diluted loss per share were both 1.21 HK cents, compared to earnings per share of 2.14 HK cents in the same period last year, primarily due to the loss attributable to owners of the Company. There were no potential dilutive ordinary shares during the period (Loss)/Earnings Per Share Comparison (for the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | (Loss)/Profit Attributable to Owners of the Company (HKD thousands) | (29,992) | 53,157 | | Weighted Average Number of Ordinary Shares in Issue (thousand shares) | 2,487,705 | 2,487,705 | | Basic (Loss)/Earnings Per Share | (1.21) HK cents | 2.14 HK cents | | Diluted (Loss)/Earnings Per Share | (1.21) HK cents | 2.14 HK cents | - As there were no potential dilutive ordinary shares during the period, the diluted (loss)/earnings per share is **consistent with the basic (loss)/earnings per share**[57](index=57&type=chunk) [Investment Properties](index=24&type=section&id=Investment%20Properties) As of June 30, 2025, the carrying amount of the Group's investment properties decreased to HKD 129,375 thousand, primarily due to a net fair value change loss of HKD 5,738 thousand recognized during the period, partially offset by an increase in exchange adjustments Investment Properties Movement (as of June 30) | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Beginning of Period | 133,132 | 131,870 | | Net Fair Value Change | (5,738) | 2,850 | | Exchange Adjustments | 1,981 | (2,861) | | End of Period | 129,375 | 133,132 | [Trade and Other Receivables and Prepayments for Construction Works](index=24&type=section&id=Trade%20and%20Other%20Receivables%20and%20Prepayments%20for%20Construction%20Works) As of June 30, 2025, total trade and other receivables and prepayments for construction works increased to HKD 408,182 thousand. Trade receivables with an aging over 90 days accounted for the highest proportion, and prepayments included deposits for cryptocurrency mining machine purchases, some of which have been terminated and are awaiting refund, while others have extended delivery dates Trade and Other Receivables and Prepayments for Construction Works Composition (as of June 30) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Trade Receivables (net of loss allowance) | 43,992 | 40,972 | +7.4% | | Earnest Money Paid for Intangible Assets | 62,500 | 61,555 | +1.5% | | Other Receivables (net of loss allowance) | 21,405 | 10,171 | +110.4% | | Prepayments and Deposits (net of loss allowance) | 263,693 | 266,708 | -1.1% | | Prepayments for Construction Works | 16,335 | 12,626 | +29.4% | | **Total** | **408,182** | **392,289** | **+4.0%** | Trade Receivables Aging Analysis (as of June 30) | Aging | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | 0–30 days | 10,482 | 5,019 | | 31–60 days | 3,293 | 5,166 | | 61–90 days | 2,181 | 4,179 | | Over 90 days | 28,036 | 26,608 | - A portion of the transaction deposits for cryptocurrency mining machine purchases has been terminated, with **RMB 49,977,000 (approximately HKD 54,799,000) to be refunded by December 31, 2025**; the delivery of mining machines for the remaining prepayment of RMB 140,105,000 (approximately HKD 153,624,000) has been **extended to December 2025**[61](index=61&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=26&type=section&id=Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, the Group's total financial assets at fair value through profit or loss increased to HKD 223,453 thousand, primarily comprising unlisted equity securities. New additions during the period included money market funds and private equity funds FVPL Financial Assets Composition (as of June 30) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Equity Securities Listed in Hong Kong | 26,752 | 25,716 | +4.0% | | Equity Securities Listed Outside Hong Kong | 493 | 418 | +17.9% | | Money Market Funds | 4,134 | – | New addition | | Private Equity Funds | 1,849 | – | New addition | | Unlisted Equity Securities | 190,225 | 190,454 | -0.1% | | **Total** | **223,453** | **216,588** | **+3.2%** | - Unlisted equity securities include investments in companies incorporated in the Cayman Islands and Hong Kong, as well as securities traded on the **US over-the-counter market**[64](index=64&type=chunk) [Investment Portfolio](index=28&type=section&id=Investment%20Portfolio) The Group's top ten investment portfolio primarily includes listed and unlisted equity securities, as well as money market funds and private equity funds. As of June 30, 2025, the total investment portfolio accounted for 99% of the Group's total investments, with several investments recording unrealized losses or reduced net gains during the period. Money market funds aim to achieve absolute returns exceeding their benchmarks while ensuring capital security Top Ten Investment Portfolio Overview (as of June 30, 2025) | Name of Investee Company | Fair Value (HKD thousands) | Cumulative Unrealized Holding Gains/(Losses) from Acquisition Date to June 30, 2025 (HKD thousands) | Net Gains/(Losses) for the Six Months Ended June 30, 2025 (HKD thousands) | | :--- | :--- | :--- | :--- | | China Hengtian Lixin International Co., Ltd. | 353 | (2,276) | 12 | | Honbridge Holdings Limited | 25,496 | (32,899) | 865 | | Alibaba Group Holding Limited (American Depositary Shares) | 824 | 111 | 75 | | Lufax Holding Ltd (American Depositary Shares) | 493 | (8,934) | 206 | | Industrial and Commercial Bank of China Limited Money Market Fund | 4,134 | – | – | | GoldenFuture Capital Investment Ltd. Private Equity Fund | 1,849 | 289 | 289 | | APAL Holdings Limited (Unlisted) | 75,717 | (2,283) | (2,194) | | Didi Global Inc. (Unlisted) | 25,487 | 12,758 | 1,965 | | HK Zxoud Limited (Unlisted) | 2,394 | (9,406) | – | | Profound View Group (Unlisted) | 86,627 | 20,627 | – | - The investment portfolio accounts for **99% of the Group's total investments**, with the remainder comprising multiple investments each representing less than 1% of total assets[69](index=69&type=chunk)[75](index=75&type=chunk) - The money market fund managed by Industrial and Commercial Bank of China Limited aims to achieve **absolute returns exceeding its benchmark** while ensuring capital security, with a daily annualized return rate of **1.25% to 1.50%**[77](index=77&type=chunk) [Cryptocurrencies](index=33&type=section&id=Cryptocurrencies) As of June 30, 2025, the Group's total cryptocurrency holdings amounted to HKD 102,126 thousand, a 27.3% decrease from December 31, 2024, primarily due to reduced Bitcoin and Ethereum holdings, while Tether USD holdings significantly increased. No write-downs or reversals of write-downs for cryptocurrencies were recognized during the period Cryptocurrency Holdings Comparison (as of June 30) | Cryptocurrency Type | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Bitcoin | 40,548 | 105,092 | -61.4% | | Ethereum | 16,676 | 35,359 | -52.8% | | Tether USD | 44,894 | 80 | +56017.5% | | USD Coin | 8 | 8 | 0% | | **Total** | **102,126** | **140,539** | **-27.3%** | - Cryptocurrencies are stated at the **lower of cost and net realizable value**, with no write-downs or reversals of write-downs recognized during the period[80](index=80&type=chunk) [Loans Receivable](index=33&type=section&id=Loans%20Receivable) As of June 30, 2025, the Group's total loans receivable amounted to HKD 29,179 thousand, with several loans overdue and borrowers failing to repay interest or principal, leading to significant loss allowances. Repayment dates for some loans have been extended Loans Receivable Total and Loss Allowance (as of June 30) | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Loans to Third Parties | 248,076 | 247,978 | | Less: Loss Allowance | (218,897) | (218,897) | | **Net Loans Receivable** | **29,179** | **29,081** | - Multiple loans are **overdue**, with borrowers failing to repay interest or principal, and the Group has issued demand letters to borrowers and guarantors and is in negotiations[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk) - One loan of **HKD 14,000,000** has been partially repaid, with the remaining balance's repayment date extended to October 2025[87](index=87&type=chunk) [Assets Classified as Held for Sale](index=37&type=section&id=Assets%20Classified%20as%20Held%20for%20Sale) The Group's IDC land and property in San Jose, USA, are classified as assets held for sale, valued at HKD 850,200 thousand. The contingency date for the disposal has been extended to September 2, 2025, and is expected to be completed within 2025 - The IDC land and property in San Jose, USA, are classified as **assets held for sale**, valued at **HKD 850,200 thousand**[89](index=89&type=chunk)[90](index=90&type=chunk) - The contingency date for the disposal of the US IDC has been **extended to September 2, 2025**, and is expected to be completed within 2025[90](index=90&type=chunk) [Trade and Other Payables](index=38&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, the Group's total trade and other payables amounted to HKD 262,008 thousand, a slight decrease from December 31, 2024. This primarily includes outstanding payables for computing power and performance deposits for cryptocurrency mining machine purchases Trade and Other Payables Composition (as of June 30) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Trade Payables | 9,328 | 10,338 | -9.7% | | Contract Liabilities | 7,181 | 5,426 | +32.3% | | Other Payables | 229,955 | 220,982 | +4.1% | | Accrued Expenses | 15,544 | 28,418 | -45.3% | | **Total** | **262,008** | **265,164** | **-1.2%** | - Other payables include **outstanding payables for computing power of HKD 79,748 thousand** and **performance deposits for cryptocurrency mining machine purchases of HKD 120,614 thousand**[92](index=92&type=chunk) [Bank and Other Borrowings](index=39&type=section&id=Bank%20and%20Other%20Borrowings) As of June 30, 2025, the Group's total bank and other borrowings amounted to HKD 2,916 thousand, a slight decrease from December 31, 2024. Bank loans bear interest at variable annual rates ranging from 2.90% to 3.03% and are secured by the Group's assets Bank and Other Borrowings Composition (as of June 30) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Bank Term Loans Subject to Immediate Repayment on Demand Clause | 916 | 952 | | Other Borrowings | 2,000 | 2,000 | | **Total** | **2,916** | **2,952** | - Bank loans bear interest at **variable annual rates from 2.90% to 3.03%** and are secured by the Group's assets[93](index=93&type=chunk) [Share Capital](index=39&type=section&id=Share%20Capital) As of June 30, 2025, the Group's authorized share capital and issued and fully paid share capital both remained unchanged at HKD 200,000 thousand and HKD 62,193 thousand, respectively, with 2,487,705 thousand ordinary shares Share Capital Composition (as of June 30) | Item | June 30, 2025 (thousand shares/HKD thousands) | December 31, 2024 (thousand shares/HKD thousands) | | :--- | :--- | :--- | | Authorized Share Capital (Number of Ordinary Shares) | 8,000,000 | 8,000,000 | | Authorized Share Capital (Amount) | 200,000 | 200,000 | | Issued and Fully Paid Share Capital (Number of Ordinary Shares) | 2,487,705 | 2,487,705 | | Issued and Fully Paid Share Capital (Amount) | 62,193 | 62,193 | [Pledged Assets](index=40&type=section&id=Pledged%20Assets) As of June 30, 2025, the Group pledged right-of-use assets of HKD 54,393 thousand and bank deposits of HKD 200 thousand to secure loan financing Pledged Assets (as of June 30) | Pledged Asset | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Right-of-Use Assets | 54,393 | 55,895 | | Bank Deposits | 200 | 200 | [Changes in Interests in Subsidiaries Without Loss of Control](index=40&type=section&id=Changes%20in%20Interests%20in%20Subsidiaries%20Without%20Loss%20of%20Control) On June 5, 2024, the Group acquired the remaining 40% equity interest in Crown Technology (Hong Kong) Limited, an indirect non-wholly owned subsidiary, for a consideration of HKD 4,000, increasing its shareholding from 60% to 100%, resulting in a decrease in non-controlling interests of HKD 4,000 for the six months ended June 30, 2024 - On June 5, 2024, the Group acquired the remaining **40% equity interest in Crown Technology (Hong Kong) Limited**, increasing its shareholding to 100%, which resulted in a **decrease in non-controlling interests of HKD 4,000**[96](index=96&type=chunk) [Approval of Unaudited Condensed Consolidated Interim Financial Statements](index=40&type=section&id=Approval%20of%20Unaudited%20Condensed%20Consolidated%20Interim%20Financial%20Statements) The Board of Directors approved the unaudited condensed consolidated interim financial statements on August 18, 2025 - The Board of Directors approved the unaudited condensed consolidated interim financial statements on **August 18, 2025**[97](index=97&type=chunk) Management Discussion and Analysis This section provides a comprehensive review of the group's business operations, financial performance, liquidity, and key risks, along with discussions on human resources and compliance [Business Review and Outlook](index=41&type=section&id=Business%20Review%20and%20Outlook) The Group's principal businesses include information appliances, IDC, investment, and leasing. Information appliance business revenue significantly declined due to intense competition and reduced orders. IDC business revenue decreased due to deferred US IDC leases and challenges from anti-China sentiment in the US market. Both fair value gains from investment business and gains from digital asset disposals significantly decreased. The leasing business was affected by a sluggish industrial market, resulting in reduced rental income and fair value losses, leading to a segment loss - The Group is primarily engaged in **information appliances, Internet Data Center (IDC), investment, and leasing businesses**[98](index=98&type=chunk) - Information appliance business revenue **decreased significantly by 65.9% to HKD 31.9 million**, with segment profit decreasing by 18.7%[99](index=99&type=chunk) - IDC business revenue **decreased by 52.1% to HKD 13.1 million**, with the segment shifting from profit to a loss of HKD 0.3 million, facing challenges from **anti-China sentiment in the US market and power supply issues**[100](index=100&type=chunk)[102](index=102&type=chunk) - Investment business net fair value gains **decreased from HKD 11.6 million to HKD 1.1 million**, and gains from digital asset disposals **decreased from HKD 53.9 million to HKD 2.3 million**[103](index=103&type=chunk) - Leasing business rental income **decreased by 22.8% to HKD 6.5 million**, and investment property fair value shifted from profit to a loss of HKD 5.7 million, resulting in a **segment loss of HKD 1.9 million**[104](index=104&type=chunk) [Financial Review](index=43&type=section&id=Financial%20Review) The Group's revenue and gross profit significantly declined due to competition in the information appliance market and reduced IDC rental income. Other income and net gains significantly decreased due to reduced gains from cryptocurrency disposals. Investment property fair value shifted from profit to loss, mainly impacted by the sluggish China real estate market. Distribution and selling expenses, general and administrative expenses, other operating expenses, and finance costs all decreased, but ultimately led to the Group shifting from profit to loss Financial Review Key Indicators Comparison (for the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 45,000 | 120,700 | -62.8% | | Gross Profit | 16,500 | 37,700 | -56.1% | | Other Income and Net Gains | 11,700 | 76,900 | -84.8% | | Net Change in Fair Value of Investment Properties | (5,700) | 600 | Shifted from profit to loss | | Distribution and Selling Expenses | 1,000 | 2,900 | -65.5% | | General and Administrative Expenses | 48,800 | 50,800 | -3.9% | | Other Operating Expenses | 1,100 | 8,100 | -86.4% | | Finance Costs | 200 | 300 | -33.3% | | Loss Attributable to Owners of the Company | (30,000) | 53,200 (Profit) | Shifted from profit to loss | - Other operating expenses significantly decreased by **86.9%**, primarily because cryptocurrency mining machines were **fully impaired in 2024**, and no depreciation was incurred during the period[110](index=110&type=chunk) [Liquidity and Financial Resources](index=45&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's net current assets were HKD 1,133.5 million, with a current ratio of 5.2 times and a gearing ratio of 19.5%. The Group adopts a prudent approach to cash management, maintains low debt leverage, and possesses sufficient liquidity and financial resources to meet its working capital needs for the next 12 months Liquidity and Financial Resources Key Indicators (as of June 30) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net Current Assets | HKD 1,133.5 million | N/A | | Cash and Bank Balances | HKD 18.3 million | HKD 34.8 million | | Current Ratio | 5.2 times | 5.3 times | | Gearing Ratio | 19.5% | 19.4% | - The Group adopts a **prudent approach to cash management**, maintains **low debt leverage**, and possesses **sufficient liquidity and financial resources** to meet future operating needs[115](index=115&type=chunk) [Capital Commitments](index=45&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group had no other capital commitments - As of June 30, 2025, the Group had **no other capital commitments**[116](index=116&type=chunk) [Contingent Liabilities](index=45&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no contingent liabilities - As of June 30, 2025, the Group had **no contingent liabilities**[117](index=117&type=chunk) [Pledge of Group Assets](index=45&type=section&id=Pledge%20of%20Group%20Assets) Details of the pledge of Group assets are set out in Note 21 to the unaudited condensed consolidated interim financial statements in this report - Details of the pledge of Group assets are set out in **Note 21 to the financial statements**[118](index=118&type=chunk) [Capital Structure](index=45&type=section&id=Capital%20Structure) As of June 30, 2025, the Group's share capital was HKD 62.2 million, consisting of 2,487,704,800 shares, remaining unchanged from December 31, 2024 Capital Structure (as of June 30) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Share Capital | HKD 62.2 million | HKD 62.2 million | | Total Number of Issued Shares | 2,487,704,800 shares | 2,487,704,800 shares | [Material Investments / Material Acquisitions and Disposals](index=46&type=section&id=Material%20Investments%20%2F%20Material%20Acquisitions%20and%20Disposals) During the period, the Group engaged in the purchase and sale of cryptocurrencies, including converting Bitcoin to Tether USD and selling a portion of USDT, as well as selling Ethereum and partially converting it to USDT. Other than these, the Group had no other material investments, acquisitions, or disposals - The Group engaged in **Bitcoin, Tether USD, and Ethereum purchase and sale transactions** during the period[120](index=120&type=chunk) - Other than cryptocurrency transactions, the Group had **no other material investments, acquisitions, or disposals** of subsidiaries, associates, and joint ventures during the period[120](index=120&type=chunk) [Future Plans for Material Investments and Capital Assets](index=46&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) As of June 30, 2025, the Group had no other plans for material investments or capital assets - As of June 30, 2025, the Group had **no other plans for material investments or capital assets**[121](index=121&type=chunk) [Treasury Policy](index=46&type=section&id=Treasury%20Policy) The Group adopts a robust treasury policy to minimize credit risk through continuous credit assessment and closely monitors its liquidity position to ensure it can meet funding requirements - The Group adopts a **robust treasury policy**, minimizing credit risk through continuous credit assessment[122](index=122&type=chunk) - The Board closely monitors the Group's liquidity position to ensure it can **meet funding requirements**[122](index=122&type=chunk) [Credit Policy](index=47&type=section&id=Credit%20Policy) The Group has adopted a credit policy for the daily management and monitoring of the recoverability of loans, trade receivables, and contract assets, including credit risk assessment, collateral evaluation, and loan collection. During the period, two loans were overdue, and the Group is negotiating repayment with the borrowers - The Group's credit policy includes **credit risk assessment, collateral/security evaluation, and loan collection/recovery**[126](index=126&type=chunk) - During the period, **two loans were overdue**, and the Group has issued overdue payment notices and is negotiating repayment or settlement with the borrowers and guarantors[124](index=124&type=chunk) [Principal Risks and Uncertainties](index=48&type=section&id=Principal%20Risks%20and%20Uncertainties) The Group faces several principal risks, including revenue volatility due to tight microchip supply in the information appliance business, increased competition from rapid product innovation, adverse impacts on the set-top box market from streaming media services and smart home integration, challenges to business development from protectionism and changing regulatory environments, impacts on investment returns from global political, social, legal, tax, and regulatory changes, and digital asset value fluctuations and regulatory challenges - The information appliance business faces **tight microchip supply**, leading to revenue volatility and increased competition[128](index=128&type=chunk) - Streaming media services and smart home integration may have a **significant adverse impact on the set-top box market**[128](index=128&type=chunk) - **Protectionism, unilateralism, and increasingly stringent regulatory environments** may pose risks and challenges to business development and revenue[128](index=128&type=chunk) - Global investments may be affected by **local, national, or international political, social, legal, tax, regulatory, and environmental changes**[128](index=128&type=chunk) - Digital asset values may be affected by **market price fluctuations, impairment, cyberattacks, human error, or computer failures**, and face regulatory challenges or restrictions[128](index=128&type=chunk) [Human Resources and Employee Relations](index=49&type=section&id=Human%20Resources%20and%20Employee%20Relations) As of June 30, 2025, the Group had over 70 full-time employees, with employee costs amounting to HKD 16.2 million. The Group's remuneration and benefits are aligned with market rates and linked to employee performance, while also providing medical and insurance plans Human Resources Overview (as of June 30) | Indicator | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Number of Full-time Employees | Over 70 | Over 100 | Decrease | | Employee Costs (HKD thousands) | 16,200 | 20,500 | -21.0% | - The Group's remuneration and benefits are **aligned with market compensation**, employee performance is directly linked to compensation, and **medical and insurance plans** are provided[129](index=129&type=chunk) [Environmental Policies and Performance](index=49&type=section&id=Environmental%20Policies%20and%20Performance) The Group is committed to building an environmentally friendly enterprise, considering environmental protection in its daily operations, and encouraging employees to recycle resources and conserve energy to minimize adverse environmental impacts - The Group is committed to building an environmentally friendly enterprise, consistently considering **environmental protection matters** in its daily operations[130](index=130&type=chunk) - The Group encourages employees to **recycle office resources and other materials** and to **conserve energy**, striving to minimize adverse environmental impacts[130](index=130&type=chunk) [Compliance with Laws and Regulations](index=49&type=section&id=Compliance%20with%20Laws%20and%20Regulations) The Group's operations are primarily conducted in China, Hong Kong, and the United States, and during the period, it complied with all applicable laws and regulations in all material aspects, and will continue to update and adhere to relevant requirements - The Group's operations are primarily conducted in **China, Hong Kong, and the United States**, and during the period, it complied with all applicable laws and regulations in all material aspects[131](index=131&type=chunk) - The Group will continue to stay updated and comply with the requirements of relevant laws and regulations in China, Hong Kong, and the United States to **ensure its compliance**[131](index=131&type=chunk) [Reserves](index=49&type=section&id=Reserves) Changes in the Group's reserves during the period are set out in the unaudited condensed consolidated statement of changes in equity within these financial statements - Changes in the Group's reserves during the period are set out in the **unaudited condensed consolidated statement of changes in equity**[132](index=132&type=chunk) [Dividends](index=49&type=section&id=Dividends) The Board does not recommend the payment of an interim dividend for the period - The Board does not recommend the payment of an interim dividend for the period[133](index=133&type=chunk) [Share Option Scheme](index=50&type=section&id=Share%20Option%20Scheme) The Company's share option scheme expired during the period. No share options were granted or exercised during the period, and there were no outstanding share options as of June 30, 2025 - The Company's share option scheme **expired during the period**[134](index=134&type=chunk) - No share options were granted or exercised during the period, and as of June 30, 2025, there were **no outstanding share options**[136](index=136&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=51&type=section&id=Directors%27%20and%20Chief%20Executive%27s%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, several directors held long positions in the Company's shares, with Mr. Cong Yu holding a 29.80% interest through a controlled corporation. No directors or chief executives held share options during the period Directors' Long Positions in the Company's Shares (as of June 30, 2025) | Director Name | Type of Interest | Number of Ordinary Shares | Nature | Approximate Percentage of Total Issued Share Capital | | :--- | :--- | :--- | :--- | :--- | | Mr. Li Qiang | Personal | 4,604,000 | Beneficial owner | 0.19% | | Mr. Cong Yu | Personal | 741,379,800 | Interest in a controlled corporation | 29.80% | | Mr. Shi Guangrong | Personal | 22,660,000 | Beneficial owner | 0.91% | | Mr. Zhu Jiang | Personal | 7,926,756 | Beneficial owner | 0.32% | | Ms. Shen Yan | Personal | 324,000 | Beneficial owner | 0.01% | - As of June 30, 2025, **no directors or chief executives of the Company held any share options**[139](index=139&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=52&type=section&id=Substantial%20Shareholders%27%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, Unicorn Resources Inc. and its associated parties (including Mr. Cong Yu and Mr. Zhu Weisha) held 29.80% of the Company's shares. Honbridge Holdings Limited and its associated parties (including Mr. Li Shufu) held 14.14% of the shares Substantial Shareholders' Long Positions in the Company's Shares and Underlying Shares (as of June 30, 2025) | Shareholder Name | Type of Interest | Number of Ordinary Shares | Nature | Approximate Percentage of Total Issued Share Capital | | :--- | :--- | :--- | :--- | :--- | | Unicorn Resources Inc. | Corporate | 741,379,800 | Beneficial owner | 29.80% | | Cong Yu Company Limited | Corporate | 741,379,800 | Interest in a controlled corporation | 29.80% | | Mr. Cong Yu | Personal | 741,379,800 | Interest in a controlled corporation | 29.80% | | Mr. Zhu Weisha | Personal | 741,379,800 | Interest in a controlled corporation | 29.80% | | Mr. Zhu Weisha | Personal | 19,000,000 | Beneficial owner | 0.76% | | Honbridge Holdings Limited | Corporate | 351,867,200 | Beneficial owner | 14.14% | | Honbridge Capital Limited | Corporate | 351,867,200 | Interest in a controlled corporation | 14.14% | | Geely Group Limited | Corporate | 351,867,200 | Interest in a controlled corporation | 14.14% | | Mr. Li Shufu | Personal | 351,867,200 | Interest in a controlled corporation | 14.14% | - Mr. Cong Yu indirectly holds the interest in **741,379,800 shares** held by Unicorn Resources Inc. through his 100% ownership of Cong Yu Company Limited[145](index=145&type=chunk) - Mr. Zhu Weisha holds a **45% interest in Unicorn Resources Inc.** and beneficially owns 19,000,000 shares[145](index=145&type=chunk) - Mr. Li Shufu indirectly holds the interest in the Company's shares held by Honbridge Holdings Limited through **Geely Group Limited and Honbridge Capital Limited**[145](index=145&type=chunk) [Management Contracts](index=53&type=section&id=Management%20Contracts) During the period, the Company had no contracts concerning the management and administration of the whole or any substantial part of its business - During the period, the Company had **no contracts concerning the management and administration** of the whole or any substantial part of its business[143](index=143&type=chunk) [Competing Business Interests](index=53&type=section&id=Competing%20Business%20Interests) During the period, none of the directors or controlling shareholders or their respective close associates had any business interests that compete or may compete with the Group's business or any conflicts of interest with the Group - During the period, **none of the directors or controlling shareholders or their respective close associates had any business interests that compete or may compete** with the Group's business or any conflicts of interest with the Group[144](index=144&type=chunk) Corporate Governance This section details the company's adherence to corporate governance codes, the audit committee's role, and information regarding directors' and substantial shareholders' interests [Corporate Governance Code](index=54&type=section&id=Corporate%20Governance%20Code) The Company is committed to high standards of corporate governance and has applied and complied with the Corporate Governance Code set out in Appendix C1 to the GEM Listing Rules, except for the Board Chairman's absence from the Annual General Meeting - The Company has applied and complied with the **Corporate Governance Code** set out in Appendix C1 to the GEM Listing Rules[146](index=146&type=chunk) - The Board Chairman, Mr. Li Qiang, was unable to attend the Annual General Meeting due to business commitments, with **Mr. Chen Biao, an Executive Director, presiding**[147](index=147&type=chunk) [Audit Committee](index=54&type=section&id=Audit%20Committee) The Audit Committee comprises two independent non-executive directors, with primary responsibilities including reviewing financial information, overseeing financial reporting systems, risk management, and internal control systems. It has reviewed the unaudited condensed consolidated interim results for the period and found them to comply with applicable accounting standards and to be adequately disclosed - The Audit Committee comprises **two independent non-executive directors** and is responsible for reviewing financial information, overseeing financial reporting, and risk management, among other duties[148](index=148&type=chunk) - The Audit Committee has reviewed the unaudited condensed consolidated interim results for the period and found them to **comply with applicable accounting standards and to be adequately disclosed**[148](index=148&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=55&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - During the period, **neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities**[150](index=150&type=chunk) [Directors' Securities Transactions](index=55&type=section&id=Directors%27%20Securities%20Transactions) Following specific enquiries, all directors confirmed compliance with the required standards of dealing as set out in the GEM Listing Rules during the period - All directors confirmed compliance with the **required standards of dealing** as set out in the GEM Listing Rules during the period[151](index=151&type=chunk) [Board Information](index=55&type=section&id=Board%20Information) As of the report date, the Board of Directors comprises five executive directors (Mr. Li Qiang, Mr. Cong Yu, Mr. Shi Guangrong, Mr. Zhu Jiang, and Mr. Chen Biao) and two independent non-executive directors (Ms. Shen Yan and Ms. Fok Kei Wai) - As of the report date, the Board of Directors comprises **five executive directors and two independent non-executive directors**[151](index=151&type=chunk)

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) This section presents the key financial performance indicators for the six months ended June 30, 2025 H1 2025 Financial Highlights | Metric | Amount (RMB) | | :--- | :--- | | Contracted Sales Amount | 3,743,289,000 RMB | | Revenue | 18,520,559,000 RMB | | Gross Profit Margin | 20.8% (Increased) | | Loss Attributable to Owners of the Parent | 3,479,512,000 RMB (Decreased) | [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement details the company's revenue, gross profit, and net loss for the six months ended June 30, 2025 H1 2025 Consolidated Statement of Profit or Loss Key Data | Metric | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change Rate | | :--- | :--- | :--- | :--- | | Revenue | 18,520,559 | 24,816,532 | -25.4% | | Cost of sales | (14,670,816) | (20,356,550) | -27.9% | | Gross profit | 3,849,743 | 4,459,982 | -13.7% | | Net fair value change of investment properties | (2,280,862) | (3,088,113) | -26.1% | | Loss before tax | (3,015,052) | (2,727,689) | +10.5% | | Loss for the period | (3,938,384) | (3,424,126) | +15.0% | | Loss Attributable to Owners of the Parent | (3,479,512) | (3,682,268) | -5.5% | | Basic loss per share | (82.4) cents | (87.2) cents | -5.5% | [Interim Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement presents the company's assets, liabilities, and equity as of June 30, 2025 H1 2025 Consolidated Statement of Financial Position Key Data | Metric | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total non-current assets | 35,133,971 | 37,923,422 | | Total current assets | 74,376,047 | 90,361,804 | | Total current liabilities | 91,341,085 | 104,018,008 | | Total non-current liabilities | 11,171,787 | 13,697,345 | | Net assets | 6,997,146 | 10,569,873 | | Equity attributable to owners of the parent | (1,438,053) | 1,696,028 | | Non-controlling interests | 8,435,199 | 8,873,845 | [Notes to the Interim Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This section details the interim financial statements' basis, accounting policies, and key financial items [1. Basis of Preparation](index=7&type=section&id=1.%20Basis%20of%20Preparation) This section outlines the basis of preparation for the interim condensed consolidated financial statements [Going Concern Basis](index=7&type=section&id=Going%20Concern%20Basis) The group faces significant going concern uncertainties but management has a restructuring plan in place - As of June 30, 2025, the Group recorded loss attributable to owners of the parent of approximately **RMB34.80 billion**[13](index=13&type=chunk) Debt and Cash Position as of June 30, 2025 | Metric | Amount (RMB) | | :--- | :--- | | Interest-bearing bank and other borrowings, senior notes and domestic bonds | 34.57 billion | | Cash and cash equivalents | 2.50 billion | | Principal in default or cross-default | 17.45 billion | - The Group signed a restructuring support agreement with the ad hoc group of creditors, which is a significant milestone for offshore debt restructuring[14](index=14&type=chunk) - Continued operation depends on successful offshore debt restructuring, refinancing or extension of bank loans, accelerated property sales collection, and successful disposal of investment properties and non-core businesses[16](index=16&type=chunk) - The Group has **not early adopted** any new standards, interpretations, or amendments that have been issued but are not yet effective[11](index=11&type=chunk) [2. Changes in Accounting Policies and Disclosures](index=9&type=section&id=2.%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) This section details changes in accounting policies and disclosures, with no significant impact on the financial statements - The application of HKAS 21 (Amendment) "Lack of Exchangeability" has **no material impact** on the Group's unaudited interim condensed consolidated financial statements[19](index=19&type=chunk) [3. Operating Segment Information](index=9&type=section&id=3.%20Operating%20Segment%20Information) The group primarily engages in property development and investment, with other segments consolidated due to size - The Group primarily engages in **property development, property investment, property management, and project management businesses**[20](index=20&type=chunk) - Property management and project management segments are consolidated with property development and investment segments as they account for **less than 10%** of the Group's consolidated revenue, loss, and assets[20](index=20&type=chunk) - The Group's revenue from external customers and the vast majority of its non-current assets are located in **Mainland China**[21](index=21&type=chunk) [4. Revenue, Other Income and Gains](index=10&type=section&id=4.%20Revenue%2C%20Other%20Income%20and%20Gains) This section details the group's total revenue and other income and gains for the period H1 2025 Revenue Composition | Revenue Source | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change Rate | | :--- | :--- | :--- | :--- | | Property sales | 17,482,222 | 23,925,857 | -26.9% | | Property management fees | 629,537 | 603,302 | +4.3% | | Project management income | 125,222 | 21,848 | +473.1% | | Rental income from operating leases of investment properties | 283,578 | 265,525 | +6.8% | | **Total Revenue** | **18,520,559** | **24,816,532** | **-25.4%** | H1 2025 Other Income and Gains | Other Income and Gains | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change Rate | | :--- | :--- | :--- | :--- | | Bank interest income | 8,101 | 18,379 | -55.9% | | Consultancy service income | 19,713 | 15,673 | +25.8% | | Income from forfeiture of deposits | 4,282 | 708 | +504.8% | | Net gain on disposal of a joint venture | 4,910 | 972 | +405.1% | | Net exchange differences | – | 127,186 | -100.0% | | Government grants | 1,052 | 9,512 | -88.9% | | **Total other income and gains** | **67,855** | **201,550** | **-66.3%** | [5. Finance Costs](index=11&type=section&id=5.%20Finance%20Costs) This section outlines the group's finance costs, primarily from borrowings, for the six months ended June 30, 2025 H1 2025 Finance Costs | Finance Costs Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change Rate | | :--- | :--- | :--- | :--- | | Interest on bank and other borrowings, senior notes and domestic bonds | 1,193,868 | 1,350,657 | -11.6% | | Interest on lease liabilities | 221 | 482 | -54.1% | | Accretion of discount on provision for major overhaul due to passage of time | 2,464 | 2,211 | +11.4% | | Total interest on financial liabilities at FVTPL | 1,196,553 | 1,353,350 | -11.6% | | Less: Interest capitalised | (350,449) | (491,966) | -28.8% | | **Total** | **846,104** | **861,384** | **-1.8%** | [6. Loss Before Tax](index=12&type=section&id=6.%20Loss%20Before%20Tax) This section details the group's loss before tax, influenced by various cost and impairment factors H1 2025 Loss Before Tax Main Components | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Cost of properties sold | 14,106,825 | 19,864,405 | | Cost of services provided | 563,908 | 492,062 | | Total employee benefit expenses | 366,562 | 280,238 | | Net fair value loss on financial assets at FVTPL | 2,740 | 35,617 | | Net exchange differences | 66,834 | (127,186) | | Impairment loss on investments in joint ventures | – | 521,294 | | Impairment loss on amounts due from related parties | – | 439,842 | [7. Income Tax](index=13&type=section&id=7.%20Income%20Tax) This section details the group's income tax expense, which significantly increased due to higher gross profit margin H1 2025 Income Tax Expense | Tax Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change Rate | | :--- | :--- | :--- | :--- | | PRC corporate income tax | 607,854 | 532,338 | +14.2% | | PRC land appreciation tax | 468,409 | 279,035 | +67.9% | | Deferred tax | (152,931) | (190,268) | -19.6% | | **Total tax expense for the period** | **923,332** | **696,437** | **+32.6%** | [8. Dividends](index=13&type=section&id=8.%20Dividends) The Board of Directors resolved not to declare any interim dividend for the six months ended June 30, 2025 - The Board of Directors resolved **not to declare any interim dividend** for the six months ended June 30, 2025[29](index=29&type=chunk) [9. Loss Per Share Attributable to Ordinary Equity Holders of the Parent](index=13&type=section&id=9.%20Loss%20Per%20Share%20Attributable%20to%20Ordinary%20Equity%20Holders%20of%20the%20Parent) This section details the basic loss per share attributable to ordinary equity holders of the parent for the period Loss Per Share | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Basic and diluted loss per share | RMB(82.4) cents | RMB(87.2) cents | - The weighted average number of ordinary shares outstanding during the period was **4,222,986,126** shares[30](index=30&type=chunk) - Unexercised share options had **no dilutive effect** on the basic loss per share[30](index=30&type=chunk) [10. Trade Receivables](index=14&type=section&id=10.%20Trade%20Receivables) This section details the group's trade receivables, primarily from property sales and property management services - Trade receivables arise from **property sales, leasing of investment properties, and provision of property management services**[31](index=31&type=chunk) - Customers are diversified, with **no significant concentration of credit risk**, and **no collateral is held**[31](index=31&type=chunk) Trade Receivables Ageing Analysis | Ageing | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Current to 90 days | 75,670 | 52,746 | | 91 to 180 days | 46,307 | 62,299 | | 181 to 365 days | 75,694 | 61,140 | | Over 365 days | 68,876 | 105,725 | | **Total** | **266,547** | **281,910** | [11. Trade Payables and Bills](index=14&type=section&id=11.%20Trade%20Payables%20and%20Bills) This section details the group's trade payables and bills, mostly short-term and unsecured Trade Payables and Bills Ageing Analysis | Ageing | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 13,552,866 | 13,487,076 | | Over 1 year | 500,520 | 506,201 | | **Total** | **14,053,386** | **13,993,277** | - Trade payables and bills are **unsecured, interest-free**, and generally settled according to **construction progress**[33](index=33&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the H1 2025 market, business operations, financial performance, and future outlook [Market Review](index=15&type=section&id=Market%20Review) The H1 2025 real estate market continued its adjustment, with varied performance across city tiers - The H1 2025 real estate market **continued its adjustment**, with sales stabilizing in **first-tier and strong second-tier cities**, but **third- and fourth-tier cities faced greater pressure**[34](index=34&type=chunk) H1 2025 New Commercial Property Sales Data | Metric | Amount/Area | | :--- | :--- | | Sales Amount | approximately RMB4,424.1 billion (YoY decreased **5.5%**) | | Residential Sales Amount | YoY decreased **5.2%** | | Sales Area | approximately 459 million sq m (YoY decreased **3.5%**) | | Residential Sales Area | YoY decreased **3.7%** | [Business Review](index=15&type=section&id=Business%20Review) This section reviews the group's H1 2025 contracted sales, land bank, and investment properties [Contracted Sales](index=15&type=section&id=Contracted%20Sales) The group's H1 2025 contracted sales significantly decreased, with Hangzhou and the Yangtze River Delta performing well H1 2025 Contracted Sales Data | Metric | Amount/Area | | :--- | :--- | | Contracted Sales Amount | approximately RMB3.74 billion (YoY decreased **38.9%**) | | Contracted Sales Area | approximately 0.46 million sq m (YoY decreased **32.1%**) | | Average Property Selling Price | RMB8,120 per sq m | - The Group ranked **18th** in the "H1 2025 China Typical Property Developers Delivery Ranking", demonstrating its commitment to "**guaranteed delivery**"[36](index=36&type=chunk) - The Group has **over 80 projects** on sale, primarily concentrated in **second-tier cities** and core areas of **third- and fourth-tier cities**[37](index=37&type=chunk) H1 2025 Contracted Sales City and Regional Distribution | City/Region | Contracted Sales Amount (RMB million) | Proportion (%) | | :--- | :--- | :--- | | Hangzhou | 448 | **12.0%** | | Yangtze River Delta Economic Zone | 1,120 | **29.9%** | | Second-tier cities | 1,527 | **40.8%** | | Third- and fourth-tier cities | 1,925 | **51.4%** | [Land Bank](index=18&type=section&id=Land%20Bank) The group holds a substantial land bank across 56 cities, primarily in the Yangtze River Delta and second-tier cities - As of June 30, 2025, the Group and its joint ventures and associates held a total planned GFA of approximately **23.34 million square meters** (Group's attributable share: approximately **19.52 million square meters**) in **56 cities**[40](index=40&type=chunk) Land Bank Cost Distribution by Region and City Tier | Distribution Type | Proportion (%) | | :--- | :--- | | Yangtze River Delta Economic Zone | **38.1%** | | Bohai Rim Economic Zone | **20.8%** | | Central and Western Regions | **19.0%** | | West Coast Economic Zone of the Straits | **11.2%** | | Guangdong-Hong Kong-Macao Greater Bay Area | **10.9%** | | First-tier cities | **11.6%** | | Second-tier cities | **51.8%** | | Third- and fourth-tier cities | **36.6%** | [Investment Properties](index=18&type=section&id=Investment%20Properties) The group holds 46 investment properties across 26 cities, with 28 already operational - As of June 30, 2025, the Group and its joint ventures and associates held **46 investment properties** with a total GFA of approximately **3.6 million square meters** (attributable share: approximately **3.28 million square meters**), of which **28 have commenced operations**[41](index=41&type=chunk) - Investment properties are located in **26 cities**, covering formats such as **shopping malls, long-term rental apartments, office buildings, commercial streets, and retail shops**[41](index=41&type=chunk) [Outlook](index=18&type=section&id=Outlook) The group anticipates increased policy support for the real estate market and will focus on pricing and cost control - The central government is expected to **intensify efforts** in H2 to introduce a "policy package" for real estate, aiming to **stabilize the market and halt the decline**[42](index=42&type=chunk) - In H2, the Group will focus on "**price**" as its operational guide, intensifying **inventory reduction** through precise pricing strategies and strictly controlling **engineering costs** through refined bidding and procurement to **stabilize gross profit margin**[43](index=43&type=chunk) - The "**Two Wings**" businesses (**SCE World City shopping malls and long-term rental apartments**) will focus on **in-depth operations and proactive adjustments**, continuously optimizing business layout to **enhance corporate operating efficiency and brand value**[43](index=43&type=chunk) [Financial Review](index=19&type=section&id=Financial%20Review) This section reviews the group's H1 2025 financial performance, including revenue, gross profit, and net loss [Revenue](index=19&type=section&id=Revenue) Group revenue decreased in H1 2025, primarily due to reduced property sales income Revenue Change | Metric | H1 2025 (RMB) | H1 2024 (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Revenue | 18,520,559,000 | 24,816,532,000 | -25.4% | [Property Sales Revenue](index=19&type=section&id=Property%20Sales%20Revenue) Property sales revenue declined due to decreased delivery area and lower average selling prices Property Sales Revenue Change | Metric | H1 2025 | H1 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Property Sales Revenue | 17,482,222,000 RMB | 23,925,857,000 RMB | -26.9% | | Delivery Area | 1,461,452 sq m | 1,513,368 sq m | -3.4% | | Average Selling Price | 11,962 RMB/sq m | 15,810 RMB/sq m | -24.3% | [Property Management Fees](index=20&type=section&id=Property%20Management%20Fees) Property management fees increased due to a rise in the number and area of managed properties Property Management Fees Change | Metric | H1 2025 (RMB) | H1 2024 (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Property Management Fees | 629,537,000 | 603,302,000 | +4.3% | [Rental Income](index=20&type=section&id=Rental%20Income) Rental income increased, primarily driven by new shopping malls opened in late 2024 Rental Income Change | Metric | H1 2025 (RMB) | H1 2024 (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Rental Income | 283,578,000 | 265,525,000 | +6.8% | [Gross Profit](index=20&type=section&id=Gross%20Profit) Gross profit decreased, but the gross profit margin improved due to higher-margin projects delivered Gross Profit and Gross Profit Margin Change | Metric | H1 2025 | H1 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Gross Profit | 3,849,743,000 RMB | 4,459,982,000 RMB | -13.7% | | Gross Profit Margin | **20.8%** | **18.0%** | +2.8 percentage points | [Net Fair Value Change of Investment Properties](index=20&type=section&id=Net%20Fair%20Value%20Change%20of%20Investment%20Properties) Fair value loss on investment properties decreased, mainly due to impairment of certain commercial properties Fair Value Loss on Investment Properties Change | Metric | H1 2025 (RMB) | H1 2024 (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Fair Value Loss | 2,280,862,000 | 3,088,113,000 | -26.1% | [Selling and Marketing Expenses](index=20&type=section&id=Selling%20and%20Marketing%20Expenses) Selling and marketing expenses decreased due to a reduction in the number of projects on sale Selling and Marketing Expenses Change | Metric | H1 2025 (RMB) | H1 2024 (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Selling and Marketing Expenses | 353,722,000 | 395,676,000 | -10.6% | [Administrative Expenses](index=20&type=section&id=Administrative%20Expenses) Administrative expenses slightly increased in H1 2025 Administrative Expenses Change | Metric | H1 2025 (RMB) | H1 2024 (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Administrative Expenses | 629,726,000 | 627,537,000 | +0.3% | [Finance Costs](index=21&type=section&id=Finance%20Costs) Finance costs slightly decreased in H1 2025 Finance Costs Change | Metric | H1 2025 (RMB) | H1 2024 (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Finance Costs | 846,104,000 | 861,384,000 | -1.8% | [Tax Expense](index=21&type=section&id=Tax%20Expense) Tax expense significantly increased due to higher land appreciation tax and corporate income tax from improved gross margin Tax Expense Change | Metric | H1 2025 (RMB) | H1 2024 (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Tax Expense | 923,332,000 | 696,437,000 | +32.6% | [Loss Attributable to Owners of the Parent](index=21&type=section&id=Loss%20Attributable%20to%20Owners%20of%20the%20Parent) Loss attributable to owners of the parent decreased, primarily due to fewer property deliveries and fair value losses Loss Attributable to Owners of the Parent Change | Metric | H1 2025 (RMB) | H1 2024 (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Loss Attributable to Owners of the Parent | 3,479,512,000 | 3,682,268,000 | -5.5% | [Liquidity, Financial and Capital Resources](index=21&type=section&id=Liquidity%2C%20Financial%20and%20Capital%20Resources) This section details the group's cash position, borrowings, gearing ratio, and foreign exchange risk management [Cash Position](index=21&type=section&id=Cash%20Position) The group's cash and bank balances decreased, with a portion restricted for property development guarantees Cash and Bank Balances | Currency | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | RMB | 3,411,746 | 3,975,285 | | HKD | 17,099 | 17,429 | | USD | 26,939 | 52,303 | | **Total** | **3,455,784** | **4,045,017** | Restricted Cash | Metric | June 30, 2025 (RMB) | Dec 31, 2024 (RMB) | | :--- | :--- | :--- | | Restricted Cash | 959,753,000 | 1,124,479,000 | [Borrowings](index=22&type=section&id=Borrowings) The group's total borrowings slightly decreased, with a significant portion due within one year or on demand Borrowings Repayment Schedule | Borrowing Type | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total Bank and Other Borrowings | 19,145,456 | 19,804,099 | | Total Senior Notes and Domestic Bonds | 15,424,747 | 15,614,467 | | **Total Borrowings** | **34,570,203** | **35,418,566** | Borrowings Denominated by Currency | Currency | Bank and Other Borrowings (RMB thousand) | Senior Notes and Domestic Bonds (RMB thousand) | | :--- | :--- | :--- | | RMB | 14,704,054 | 2,706,019 | | HKD | 1,155,842 | – | | USD | 3,285,560 | 12,718,728 | [Gearing Ratio](index=23&type=section&id=Gearing%20Ratio) The net gearing ratio significantly increased as of June 30, 2025 Net Gearing Ratio | Metric | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Net Gearing Ratio | **444.7%** | **296.8%** | [Exchange Rate Fluctuation Risk](index=23&type=section&id=Exchange%20Rate%20Fluctuation%20Risk) The group monitors exchange rate fluctuation risk, with most operations in RMB and no foreign currency hedging arrangements - The majority of the Group's revenue, operating expenses, assets, and liabilities are denominated in **RMB**[58](index=58&type=chunk) - As of June 30, 2025, the Group has **not entered into any foreign currency hedging arrangements** and will continue to **closely monitor foreign currency exchange rate fluctuation risk**[58](index=58&type=chunk) [Corporate Governance and Other Information](index=23&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section outlines the company's corporate governance practices, audit committee review, and other relevant information [Corporate Governance](index=23&type=section&id=Corporate%20Governance) The company complies with corporate governance code provisions, with the Chairman and CEO roles combined for efficiency - The Company and its Board have consistently complied with the code provisions of the **Corporate Governance Code**, although the roles of Chairman and Chief Executive Officer are combined and held by **Mr. Huang Chaoyang**[59](index=59&type=chunk) - The Board believes that combining the roles of Chairman and Chief Executive Officer facilitates **efficiency and consistency in the execution of the Company's business plans and decisions**[59](index=59&type=chunk) [Audit Committee and Review of Interim Results](index=24&type=section&id=Audit%20Committee%20and%20Review%20of%20Interim%20Results) The Audit Committee, comprising independent non-executive directors, reviewed the interim financial statements and results - The Audit Committee comprises **three independent non-executive directors**, with **Mr. Ding Lianghui** as Chairman and **Mr. Dai Yiyi** and **Mr. Mao Zhenhua** as members[60](index=60&type=chunk) - The Chairman of the Audit Committee, **Mr. Ding Lianghui**, possesses **expertise in accounting and financial management**, meeting the Listing Rules requirements[60](index=60&type=chunk) - The Audit Committee has reviewed the Group's **accounting policies, interim condensed consolidated financial statements, and this interim results announcement**[60](index=60&type=chunk) [Model Code for Securities Transactions by Directors](index=24&type=section&id=Model%20Code%20for%20Securities%20Transactions%20by%20Directors) All directors confirmed strict compliance with the Model Code for Securities Transactions by Directors during the review period - The Company has adopted the **Model Code for Securities Transactions by Directors of Listed Issuers** as the standard for directors' securities transactions[61](index=61&type=chunk) - All directors confirmed strict compliance with the **Model Code** during the review period[61](index=61&type=chunk) [Purchase, Redemption or Sale of the Company's Listed Securities](index=24&type=section&id=Purchase%2C%20Redemption%20or%20Sale%20of%20the%20Company%27s%20Listed%20Securities) Neither the company nor its subsidiaries purchased, redeemed, or sold any listed securities during the six months ended June 30, 2025 - During the six months ended June 30, 2025, neither the Company nor any of its subsidiaries **purchased, redeemed, or sold any of the Company's listed securities**[62](index=62&type=chunk) [Interim Dividend](index=24&type=section&id=Interim%20Dividend) The Board of Directors resolved not to declare any interim dividend for the six months ended June 30, 2025 - The Board of Directors resolved **not to declare any interim dividend** for the six months ended June 30, 2025[63](index=63&type=chunk) [Publication of Interim Results and Interim Report](index=25&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) The interim results announcement is published on the company and HKEX websites, with the full interim report to follow - This interim results announcement has been published on the Company's website (**www.sce-re.com**) and the HKEX website (**www.hkexnews.hk**)[64](index=64&type=chunk) - All relevant information regarding the 2025 Interim Report will be published on the Company's and HKEX websites in due course[64](index=64&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Gaush Meditech Ltd 高視醫療科技有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 責 任 公 司 ） （股 份 代 號：2407） 截至2025年6月30日止六個月的中期業績公告 中期業績摘要 本集團截至2025年6月30日止六個月的收入為人民幣653.1百萬元，較2024年同 期的收入人民幣642.0百萬元增加1.7%。 本集團截至2025年6月30日止六個月的利潤淨額為人民幣35.9百萬元，較2024 年同期錄得的利潤淨額人民幣26.9百萬元增加33.5%。 本集團截至2025年6月30日止六個月的每股基本盈利為人民幣0.26元，而2024 年同期的每股基本盈利為人民幣0.19元。 本集團截至2025年6月30日止六個月的研發開支為人民幣43.4百萬元，較2024 年同期的研發開支人民幣35.1百萬元增加23.6%。截至2024年及2025年6月30日 止六個月，本集團 ...

Financial Performance - Total revenue for the six months ended June 30, 2025, increased by approximately $751.8 million or 44.7% to about $2,432.6 million compared to the same period in 2024[3]. - Product revenue for the same period rose by approximately $742.5 million or 44.5% to about $2,410.6 million[3]. - Net profit for the six months ended June 30, 2025, was approximately $95.6 million, a significant improvement from a net loss of approximately $371.6 million in the same period of 2024[3]. - Basic and diluted earnings per share for the six months ended June 30, 2025, were $0.07, compared to a loss of $0.27 per share in the prior year[3]. - The company reported a comprehensive income of approximately $130.9 million for the six months ended June 30, 2025, compared to a comprehensive loss of approximately $412.6 million in the same period of 2024[5]. - The company reported a net loss of $371,555 thousand for the six months ended June 30, 2024, compared to a net loss of $95,590 thousand in 2025, showing a positive trend in financial performance[10]. - For the six months ended June 30, 2025, the company reported a net profit of $95,590,000, compared to a net loss of $371,555,000 for the same period in 2024[59]. - The diluted earnings per share (EPS) for the six months ended June 30, 2025, was $0.07, a significant improvement from a diluted loss per share of $(0.27) in 2024[59]. Cash and Liquidity - Cash and cash equivalents as of June 30, 2025, were $2,756.1 million, an increase from $2,627.4 million as of December 31, 2024[6]. - Cash generated from operating activities was $307,680 thousand, a turnaround from cash used of $404,160 thousand in the previous year[8]. - Cash used in investing activities decreased to $188,546 thousand in 2025 from $320,863 thousand in 2024, indicating a 41% reduction[9]. - Cash and cash equivalents increased to $2,786,086 thousand at the end of June 2025, up from $2,617,931 thousand at the end of June 2024[9]. - Cash, cash equivalents, and restricted cash totaled approximately $1.1 billion as of June 30, 2025, including about $1.4 billion in RMB and $281.1 million in other currencies[114]. - The company plans to utilize available cash to meet significant short-term and long-term cash needs, including operational, capital, and production expenditures[132]. Assets and Liabilities - Total assets as of June 30, 2025, amounted to $6,298.4 million, compared to $5,920.9 million as of December 31, 2024[7]. - Total liabilities as of June 30, 2025, were $2,527.9 million, a decrease from $2,588.7 million as of December 31, 2024[7]. - Shareholders' equity as of June 30, 2025, increased to $3,770.5 million from $3,332.2 million as of December 31, 2024[7]. - The total carrying amount of intangible assets as of June 30, 2025, was $64,890,000, up from $51,095,000 as of December 31, 2024[39]. - The total debt obligations as of June 30, 2025, amounted to $1,000,000, with various loans from banks, including a significant loan of $380,000,000 due in January 2026[48]. - Total liabilities for accrued expenses and other payables increased to $908,882,000 as of June 30, 2025, from $803,713,000 as of December 31, 2024, marking an increase of about 13.1%[46]. Research and Development - Research and development costs for the six months ended June 30, 2025, amounted to $1,006,783,000, up from $915,104,000 in the same period of 2024, indicating an increase of approximately 10%[57]. - The company has established a highly efficient and cost-effective oncology research team with over 1,200 scientists, leading to continuous innovation and market leadership[93]. - The company anticipates over 20 research milestones within the next 18 months, including advancements in solid tumor pipelines targeting various high-incidence cancers[88]. Product Sales and Market Performance - The leading product, Baiyueze®, generated $1.7415 billion in revenue, a 54.7% increase from $1.1259 billion in the previous year[99]. - U.S. sales of Baiyueze® totaled $1.2469 billion, up 50.1% from $830.8 million in the same period last year, driven by robust demand across all indications and moderate net pricing gains[100]. - Total collaboration revenue for the six months ended June 30, 2025, was $21,973,000, a 72% increase from $12,754,000 in 2024[26]. - The company’s total revenue from China for the six months ended June 30, 2025, was $832,516 thousand, up 24% from $672,446 thousand in 2024[77]. Corporate Governance and Compliance - The audit committee is composed of four independent non-executive directors, with Shalini Sharp serving as the chair, ensuring compliance with the Hong Kong Listing Rules and NASDAQ regulations[159]. - The company has adhered to all provisions of the corporate governance code during the reporting period, with ongoing reviews to maintain high standards[162]. - The company has implemented its own insider trading policy, which meets or exceeds the standards set by the Hong Kong Listing Rules[163]. Future Plans and Commitments - The company plans to relocate its registered address to Switzerland in the second quarter of 2025, which will not affect its financial performance under GAAP[12]. - The company plans to expand the global reach of its PD-1 inhibitor, Bai Ze An®, which has been approved in major markets including the US, EU, China, and Japan[95]. - The company has irrevocable purchase commitments totaling $130,087,000 as of June 30, 2025, with $97,496,000 related to binding purchase obligations from Amgen[70]. - The company plans to fully utilize the remaining net proceeds within five years from the completion of the Sci-Tech Innovation Board issuance[169].

[Interim Results Announcement for the First Half of 2025](index=1&type=section&id=%E4%BA%8C%E9%9B%B6%E4%BA%94%E4%BA%94%E5%B9%B4%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Baioo Family Interactive's revenue grew 11.2% to RMB 302.7 million, with operating profit turning positive and adjusted net profit and EBITDA significantly increasing, reflecting improved profitability [Summary of Income Statement](index=1&type=section&id=Summary%20of%20Income%20Statement) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | Period Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 302,706 | 272,284 | 11.2% | | Gross Profit | 149,172 | 125,490 | 18.9% | | Operating Profit / (Loss) | 4,051 | (25,675) | 115.8% | | Adjusted Net Profit / (Loss) | 6,446 | (9,770) | 166.0% | | Adjusted EBITDA | 10,632 | (12,978) | 181.9% | [Summary of Balance Sheet](index=2&type=section&id=Summary%20of%20Balance%20Sheet) | Metric | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Non-current Assets | 935,487 | 819,906 | | Current Assets | 933,840 | 1,055,145 | | Total Assets | 1,869,327 | 1,875,051 | | Total Equity | 1,575,558 | 1,599,085 | | Total Liabilities | 293,769 | 275,966 | | Total Equity and Liabilities | 1,869,327 | 1,875,051 | [Business Overview](index=3&type=section&id=Business%20Overview) Baioo innovated content and business models in 1H 2025, focusing on female-oriented and pet games, integrating AI, with key mobile titles like Aola Star and Obi Island performing strongly through IP collaborations and new gameplay - The company specializes in core game segments such as female-oriented, pet collection, and nurturing games, driven by user demand and integrating AI technology to create immersive gaming experiences[6](index=6&type=chunk) - The core mobile game **Aola Star** achieved revenue growth and significantly increased community activity through its New Year version, anniversary events, and collaboration with the well-known IP 'Nailong'[7](index=7&type=chunk) - **Obi Island: Dream Kingdom** saw gameplay innovation and business model iteration, accumulating 13 IP collaborations in the first half, driving monthly active users to a two-year high[7](index=7&type=chunk) - The company explored the cultural value of games, with **Aola Star Mobile Game** and **Aola Star Web Game** collaborating with Foshan Intangible Cultural Heritage Center to create a joint event centered on Xiangyunsha silk craftsmanship, achieving breakthroughs in both cultural dissemination and commercial value[8](index=8&type=chunk) [Industry Trends](index=4&type=section&id=Industry%20Trends) The gaming industry benefits from overseas expansion policies and faces intensified competition for quality content, while AI technology, particularly Baioo's AIGC platform and large model integration, is reshaping the ecosystem to boost efficiency and player immersion - The Ministry of Commerce's policy supports game overseas expansion, extending the entire industry chain from IP creation, production, and distribution to overseas operations, injecting new growth momentum into the domestic gaming industry[9](index=9&type=chunk) - The mobile game market has entered a phase of **premium content competition**, where high-quality content and novel gameplay are crucial for building long-term operational capabilities[9](index=9&type=chunk) - AI technology is reshaping the gaming industry ecosystem, with Baioo's AIGC tech platform enabling bidirectional conversion of 2D and 3D creative resources and cross-project utilization, significantly enhancing content generation and asset reuse efficiency[9](index=9&type=chunk) - Integration of large models like DeepSeek supports code generation, improving game development efficiency; multimodal AI technology makes NPC behavior more intelligent and natural, enhancing player immersion[9](index=9&type=chunk) [Outlook for the Second Half of 2025](index=5&type=section&id=Outlook%20for%20the%20Second%20Half%20of%202025) Baioo plans to empower core IPs with technology, deepen player engagement, extend game lifecycles, launch new card games 'Doodle Color World' and 'Under the Night Sky,' and expand its international market presence in 2H 2025 - In the second half, the company will continue to empower core IPs with cutting-edge technology, deepening player emotional connections through novel gameplay and rich experiences, thereby extending the full lifecycle of existing core games[10](index=10&type=chunk) - Accelerating product R&D, self-developed trendy card game **Doodle Color World** and card-style mobile game **Under the Night Sky** have both obtained licenses, entering the mid-to-late stages of development, and will be launched successively[10](index=10&type=chunk) - Regarding international expansion, the company will intensify overseas market development, promote global R&D around its proprietary IP products, and customize innovative products to penetrate overseas niche markets, enhancing international market influence and brand recognition[10](index=10&type=chunk) [Operating Data](index=6&type=section&id=Operating%20Data) As of June 30, 2025, Baioo's average quarterly active accounts grew 26.3% to 7.2 million, paying accounts increased 12.5% to 0.9 million, and ARPPU rose 6.9% to RMB 175.9, reflecting enhanced user engagement and monetization Operating Metrics | Metric | 1H 2025 | 1H 2024 | Period Change (%) | | :--- | :--- | :--- | :--- | | Average Quarterly Active Accounts (Millions) | 7.2 | 5.7 | 26.3% | | Average Quarterly Paying Accounts (Millions) | 0.9 | 0.8 | 12.5% | | Average Revenue Per Quarterly Paying Account (RMB) | 175.9 | 164.6 | 6.9% | - The increase in average quarterly active accounts was primarily due to the outstanding performance of existing games attracting more users[12](index=12&type=chunk) - The increase in average quarterly paying accounts was mainly due to novel game content attracting more paying users[12](index=12&type=chunk) - The increase in average revenue per quarterly paying account was primarily due to captivating game experiences enhancing user willingness to pay[12](index=12&type=chunk) [Overall Business and Financial Performance](index=7&type=section&id=Overall%20Business%20and%20Financial%20Performance) The company's revenue grew 11.2% with gross margin at 49.3%, operating profit turned positive due to revenue growth and cost control, and non-IFRS adjusted net profit and EBITDA significantly increased, indicating enhanced profitability [Revenue](index=8&type=section&id=Revenue) | Revenue Source | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | Period Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 302,706 | 272,284 | 11.2% | | Online Entertainment Business | 300,954 | 272,134 | 10.6% | | Other Businesses | 1,752 | 150 | 1,100% | - The growth in online entertainment business revenue was primarily due to the strong performance of existing games, which provided more diverse and richer gaming experiences through continuous content updates and new themed versions[15](index=15&type=chunk) - The significant increase in other business revenue was mainly due to the sales of game merchandise[15](index=15&type=chunk) [Cost of Sales](index=8&type=section&id=Cost%20of%20Sales) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | | :--- | :--- | :--- | | Cost of Sales | 153,534 | 146,794 | | Cost of Sales for Online Entertainment Business | 153,200 | 146,800 | - The increase in cost of sales was primarily attributable to the increase in revenue[18](index=18&type=chunk) [Gross Profit](index=9&type=section&id=Gross%20Profit) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | Period Change (%) | | :--- | :--- | :--- | :--- | | Gross Profit | 149,172 | 125,490 | 18.9% | | Gross Profit Margin | 49.3% | 46.1% | 3.2 percentage points | - The increase in gross profit margin was mainly due to a decrease in the revenue contribution from mobile games published by third parties, which typically have a higher revenue sharing ratio[19](index=19&type=chunk) [Selling and Marketing Expenses](index=9&type=section&id=Selling%20and%20Marketing%20Expenses) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | Period Change (%) | | :--- | :--- | :--- | :--- | | Selling and Marketing Expenses | 25,891 | 20,180 | 28.2% | - The increase in selling and marketing expenses was primarily due to increased game marketing and promotional costs[20](index=20&type=chunk) [Administrative Expenses](index=9&type=section&id=Administrative%20Expenses) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | Period Change (%) | | :--- | :--- | :--- | :--- | | Administrative Expenses | 28,888 | 32,003 | -9.7% | - The decrease in administrative expenses was mainly due to a reduction in staff welfare expenses related to the granting of restricted share units to employees[21](index=21&type=chunk) [Research and Development Expenses](index=9&type=section&id=Research%20and%20Development%20Expenses) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | Period Change (%) | | :--- | :--- | :--- | :--- | | Research and Development Expenses | 88,222 | 99,597 | -11.4% | - The decrease in research and development expenses was primarily due to a reduction in staff welfare expenses[22](index=22&type=chunk) [Net Impairment Loss on Financial Assets](index=9&type=section&id=Net%20Impairment%20Loss%20on%20Financial%20Assets) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Impairment Loss on Financial Assets | 765 | 103 | [Other Income](index=9&type=section&id=Other%20Income) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | | :--- | :--- | :--- | | Other Income | 150 | 607 | - Other income represents government grants received by the company upon satisfying certain performance conditions[24](index=24&type=chunk) [Other (Losses) / Gains — Net](index=10&type=section&id=Other%20(Losses)%20%2F%20Gains%20%E2%80%94%20Net) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | | :--- | :--- | :--- | | Other (Losses) / Gains — Net | (1,505) | 111 | - The net other losses primarily represent losses recognized from the termination of lease contracts[25](index=25&type=chunk) [Operating Profit / (Loss)](index=10&type=section&id=Operating%20Profit%20%2F%20(Loss)) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | | :--- | :--- | :--- | | Operating Profit / (Loss) | 4,051 | (25,675) | [Finance Income — Net](index=10&type=section&id=Finance%20Income%20%E2%80%94%20Net) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | | :--- | :--- | :--- | | Finance Income — Net | 8,369 | 13,705 | - Net finance income primarily comprised interest income from bank deposits and exchange gains / (losses) on cash and bank balances, partially offset by interest expenses on lease liabilities[27](index=27&type=chunk) [Share of Loss of Associates](index=10&type=section&id=Share%20of%20Loss%20of%20Associates) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | | :--- | :--- | :--- | | Share of Loss of Associates | (6,677) | (2,990) | [Profit / (Loss) Before Income Tax](index=10&type=section&id=Profit%20%2F%20(Loss)%20Before%20Income%20Tax) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit / (Loss) Before Income Tax | 5,743 | (14,960) | [Income Tax (Expense) / Credit](index=10&type=section&id=Income%20Tax%20(Expense)%20%2F%20Credit) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | | :--- | :--- | :--- | | Income Tax (Expense) / Credit | (94) | 79 | [Profit / (Loss) for the Period](index=10&type=section&id=Profit%20%2F%20(Loss)%20for%20the%20Period) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit / (Loss) for the Period | 5,649 | (14,881) | [Non-IFRS — Adjusted Net Profit / (Loss) / EBITDA](index=10&type=section&id=Non-IFRS%20%E2%80%94%20Adjusted%20Net%20Profit%20%2F%20(Loss)%20%2F%20EBITDA) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | Period Change (%) | | :--- | :--- | :--- | :--- | | Adjusted Net Profit / (Loss) | 6,446 | (9,770) | 166.0% | | Adjusted EBITDA | 10,632 | (12,978) | 181.9% | - Adjusted net profit and adjusted EBITDA both exclude the impact of share-based non-cash compensation expenses to better reflect core business performance[4](index=4&type=chunk)[17](index=17&type=chunk) [Liquidity and Capital Resources](index=11&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company maintained a healthy 16% total liabilities to total assets ratio, with RMB 1,161.3 million in cash and deposits, no bank loans, and prudent treasury policies, while capital expenditures focused on construction and intangible assets [Cash and Cash Equivalents, Restricted Cash, Short-term Deposits and Long-term Deposits](index=12&type=section&id=Cash%20and%20Cash%20Equivalents%2C%20Restricted%20Cash%2C%20Short-term%20Deposits%20and%20Long-term%20Deposits) | Metric | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 550,300 | 495,700 | | Short-term Deposits | 230,000 | 449,000 | | Long-term Deposits | 381,000 | 245,000 | | **Total** | **1,161,300** | **1,189,700** | - As of June 30, 2025, the company had no restricted cash[36](index=36&type=chunk) - The effective annual interest rate for bank cash balances and deposits was **1.72%** (1.88% as of December 31, 2024)[36](index=36&type=chunk) [Bank Loans and Other Borrowings](index=12&type=section&id=Bank%20Loans%20and%20Other%20Borrowings) - As of June 30, 2025, the Group had no bank loans or other borrowings[38](index=38&type=chunk) [Treasury Policy](index=12&type=section&id=Treasury%20Policy) - The Group adopts a prudent treasury policy in cash and financial management and does not use any financial instruments for hedging purposes[39](index=39&type=chunk) [Foreign Exchange Risk](index=12&type=section&id=Foreign%20Exchange%20Risk) - As of June 30, 2025, **RMB 166.5 million** of the company's financial resources were held in non-RMB deposits[40](index=40&type=chunk) - Due to the lack of economically effective hedging measures, the company may face the risk of losses arising from foreign exchange rate fluctuations related to bank cash balances[40](index=40&type=chunk) [Capital Expenditures](index=13&type=section&id=Capital%20Expenditures) | Capital Expenditure Item | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | | :--- | :--- | :--- | | Payments for Construction in Progress and Other Long-term Assets | 24,453 | 41,644 | | Purchase of Intangible Assets | 8,008 | 1,679 | | Purchase of Property, Plant and Equipment | 2,334 | 207 | | **Total** | **34,795** | **43,530** | [Contingent Liabilities](index=13&type=section&id=Contingent%20Liabilities) - As of June 30, 2025, the Group had no material contingent liabilities, guarantees, or lawsuits against the company[43](index=43&type=chunk) [Pledge of Assets](index=13&type=section&id=Pledge%20of%20Assets) - As of June 30, 2025, the Group had not pledged any of its assets[44](index=44&type=chunk) [Future Plans for Material Acquisitions and Investments](index=13&type=section&id=Future%20Plans%20for%20Material%20Acquisitions%20and%20Investments) - During the reporting period, the Group had no material acquisitions or disposals of subsidiaries, associates, and joint ventures, nor any material investment activities[45](index=45&type=chunk) - The Group currently has no specific plans for other material investments or acquisitions of significant capital assets or other businesses, but will continue to seek new business development opportunities[45](index=45&type=chunk) [Employees and Remuneration Policy](index=14&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 676 full-time employees, predominantly in R&D, with remuneration including salaries, share-based awards, and performance bonuses; staff costs for 1H 2025 were RMB 135.4 million, or 44.7% of revenue Employee Distribution | Function | Number of Employees (As of June 30, 2025) | Percentage of Total | | :--- | :--- | :--- | | Business | 25 | 3.7% | | Research and Development ('R&D') Business | 155 | 22.9% | | R&D | 381 | 56.4% | | Sales and Marketing | 58 | 8.6% | | General and Administrative | 57 | 8.4% | | **Total** | **676** | **100%** | - The company provides incentives such as salaries, share-based awards (e.g., restricted share units), and performance bonuses[46](index=46&type=chunk) Employee Costs | Metric | 1H 2025 (RMB millions) | 1H 2024 (RMB millions) | Percentage of Revenue (2025/2024) | | :--- | :--- | :--- | :--- | | Staff Costs | 135.4 | 151.6 | 44.7% / 55.7% | | Total Contributions to Employee Social Insurance Schemes | 29.1 | 30.6 | - | - As of June 30, 2025, no restricted share units were granted or outstanding under the 2023 Restricted Share Unit Scheme[47](index=47&type=chunk) [Dividends](index=15&type=section&id=Dividends) Shareholders approved a special dividend of **HKD 0.012** (approx. **RMB 0.011**) per share for 2024, paid on July 31, 2025, while the Board did not recommend an interim dividend for 1H 2025 - Shareholders approved a special dividend of **HKD 0.012** (equivalent to approximately **RMB 0.011**) per share for the year ended December 31, 2024, which was paid on July 31, 2025[48](index=48&type=chunk) - The Board of Directors did not recommend the payment of any interim dividend for the six months ended June 30, 2025[48](index=48&type=chunk) [Changes Since December 31, 2024](index=15&type=section&id=Changes%20Since%20December%2031%2C%202024) No other material changes to the Group's financial position or information disclosed in the 2024 annual report's Management Discussion and Analysis, beyond those in this interim results announcement - Except as disclosed in this interim results announcement, there have been no other material changes to the Group's financial position or the information disclosed in the Management Discussion and Analysis section of the 2024 annual report[49](index=49&type=chunk) [Significant Events After June 30, 2025](index=15&type=section&id=Significant%20Events%20After%20June%2030%2C%202025) To the best knowledge of the Board, no significant events occurred for the Group after June 30, 2025 - To the best knowledge of the Board, there have been no significant events for the Group after June 30, 2025[50](index=50&type=chunk) [Financial Statements](index=16&type=section&id=Financial%20Statements) This section presents the unaudited interim condensed consolidated financial statements for the six months ended June 30, 2025, including the income statement, statement of comprehensive income, and balance sheet, detailing the company's financial performance and position [Interim Condensed Consolidated Income Statement](index=16&type=section&id=Interim%20Condensed%20Consolidated%20Income%20Statement) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 302,706 | 272,284 | | Gross Profit | 149,172 | 125,490 | | Operating Profit / (Loss) | 4,051 | (25,675) | | Profit / (Loss) for the Period | 5,649 | (14,881) | | Basic Earnings / (Loss) Per Share (RMB cents) | 0.207 | (0.549) | [Interim Condensed Consolidated Statement of Comprehensive Income](index=17&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit / (Loss) for the Period | 5,649 | (14,881) | | Other Comprehensive Income | — | — | | Total Comprehensive Income / (Loss) for the Period | 5,649 | (14,881) | [Interim Condensed Consolidated Balance Sheet](index=18&type=section&id=Interim%20Condensed%20Consolidated%20Balance%20Sheet) | Metric | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Non-current Assets | 935,487 | 819,906 | | Current Assets | 933,840 | 1,055,145 | | **Total Assets** | **1,869,327** | **1,875,051** | | Total Equity | 1,575,558 | 1,599,085 | | Non-current Liabilities | 12,735 | 11,330 | | Current Liabilities | 281,034 | 264,636 | | **Total Liabilities** | **293,769** | **275,966** | [Notes to the Financial Statements](index=20&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides detailed notes on the basis of preparation, accounting policies, key estimates, financial risk management, segment information, operating items, income tax, earnings per share, dividends, trade receivables, and trade payables, ensuring financial reporting transparency [Basis of Preparation of Interim Report](index=20&type=section&id=Basis%20of%20Preparation%20of%20Interim%20Report) - The interim condensed consolidated financial information has been prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting'[55](index=55&type=chunk) [Accounting Policies](index=20&type=section&id=Accounting%20Policies) - The accounting policies adopted are consistent with those applied in the previous financial year and the corresponding interim reporting period, except for the adoption of new and revised standards[56](index=56&type=chunk) - The Group first applied International Accounting Standard 21 (Revised) 'Lack of Exchangeability' from January 1, 2025, which had no significant impact on the Group[58](index=58&type=chunk) - It is expected that the amendments to IFRS (such as IFRS 9 & 7, IFRS 18, IFRS 19, etc.) that have been issued but are not yet effective will not have a significant impact on the Group's interim condensed consolidated financial information[60](index=60&type=chunk) [Estimates](index=21&type=section&id=Estimates) - The preparation of interim financial information requires management to make judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income, and expenses; actual results may differ from these estimates[61](index=61&type=chunk) - The key sources of significant judgments and estimation uncertainties made by management in applying the Group's accounting policies are the same as those applied to the consolidated financial statements for the year ended December 31, 2024[61](index=61&type=chunk) [Financial Risk Management and Financial Instruments](index=21&type=section&id=Financial%20Risk%20Management%20and%20Financial%20Instruments) - The Group's business activities expose it to various financial risks: market risk (primarily currency risk), credit risk, and liquidity risk[62](index=62&type=chunk) - There have been no changes to the risk management department or any risk management policies since December 31, 2024[63](index=63&type=chunk) - The Group endeavors to maintain sufficient cash and cash equivalents for daily operations and to retain flexibility in fundraising by maintaining adequate cash and cash equivalents[64](index=64&type=chunk) - Financial instruments are measured at fair value within a fair value hierarchy, categorized into three levels, with investments in private equity funds valued at net asset value, classified as Level 3 financial instruments[67](index=67&type=chunk)[70](index=70&type=chunk) [Segment Information](index=24&type=section&id=Segment%20Information) - The Group has two operating segments: online entertainment business and other businesses, with key operating decision-makers assessing performance based on the segment revenue of each operating segment[74](index=74&type=chunk) Revenue by Region | Region | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | | :--- | :--- | :--- | | Mainland China | 280,631 | 263,894 | | Outside Mainland China | 22,075 | 8,390 | | **Total Revenue** | **302,706** | **272,284** | Revenue Contribution by Game | Game | Revenue Contribution 1H 2025 | Revenue Contribution 1H 2024 | | :--- | :--- | :--- | | Obi Island Mobile Game | 25.6% | 27.8% | | Aola Star | 25.1% | 26.6% | | Aola Star Mobile Game | 20.0% | 19.5% | | Aola Star | 10.6% | Not applicable* | [Analysis of Operating Items](index=26&type=section&id=Analysis%20of%20Operating%20Items) | Operating Item | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | | :--- | :--- | :--- | | Employee Benefit Expenses | 135,375 | 151,613 | | Distribution Costs and Payment Handling Fees | 100,906 | 97,219 | | Promotion and Advertising Expenses | 14,502 | 9,860 | | Depreciation of Property, Plant and Equipment and Right-of-Use Assets and Amortization of Intangible Assets | 12,461 | 10,576 | | Net Impairment Loss on Financial Assets | 765 | 103 | [Income Tax (Expense) / Credit](index=26&type=section&id=Income%20Tax%20(Expense)%20%2F%20Credit) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | | :--- | :--- | :--- | | Current Income Tax Expense | (88) | (49) | | Deferred Income Tax (Expense) / Credit | (6) | 128 | | **Total** | **(94)** | **79** | - Guangbaitian and Guangtianti qualify as 'High-New Technology Enterprises' and enjoy a preferential income tax rate of **15%**[79](index=79&type=chunk) - Guangzhou Wholly Foreign-Owned Enterprise and Xiaoyunxiong are classified as 'Small and Micro Profit Enterprises,' taxed at **5%** for profits within **RMB 3 million** and **20%** for profits above that threshold[80](index=80&type=chunk) - Enterprises engaged in R&D activities are entitled to claim **200%** of their R&D expenses as deductible tax expenses (super deduction)[82](index=82&type=chunk) - As of the end of the reporting period, there were no deferred tax liabilities related to accumulated withholding tax[83](index=83&type=chunk) [Earnings / (Loss) Per Share](index=28&type=section&id=Earnings%20%2F%20(Loss)%20Per%20Share) | Metric | 1H 2025 (RMB cents) | 1H 2024 (RMB cents) | | :--- | :--- | :--- | | Basic Earnings / (Loss) Per Share | 0.207 | (0.549) | | Diluted Earnings / (Loss) Per Share | 0.206 | (0.549) | - Basic earnings / (loss) per share is calculated by dividing the profit attributable to the company's shareholders by the weighted average number of ordinary shares in issue during the period, less shares held under the restricted share unit scheme[84](index=84&type=chunk) - For the six months ended June 30, 2024, no adjustment was made to the basic loss per share in calculating diluted loss per share due to the anti-dilutive effect of potential ordinary shares[87](index=87&type=chunk) [Dividends](index=29&type=section&id=Dividends) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | | :--- | :--- | :--- | | Special Dividend of HKD 0.012 per Ordinary Share | 31,396 | 31,453 | | Less: Dividends on Shares Held Under Restricted Share Unit Scheme | (1,423) | (1,678) | - The company did not declare any interim dividend for the six months ended June 30, 2025[90](index=90&type=chunk) [Trade Receivables](index=30&type=section&id=Trade%20Receivables) | Metric | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Gross Trade Receivables | 39,489 | 32,089 | | Less: Impairment Allowance | (1,932) | (1,110) | | **Net Amount** | **37,557** | **30,979** | - Trade receivables primarily arise from online payment agents and mobile platforms, with a credit period generally 30 days from the invoice date[92](index=92&type=chunk) [Trade Payables](index=30&type=section&id=Trade%20Payables) | Metric | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade Payables | 17,703 | 6,471 | - Trade payables are mainly related to server hosting services, advertising fees, and game development subcontracting costs, with a credit period generally 30 days from the invoice date[93](index=93&type=chunk) [Other Information](index=31&type=section&id=Other%20Information) This section details corporate governance practices, including Audit Committee review, directors' compliance with securities trading codes, and adherence to the Corporate Governance Code (with an exception for Chairman/CEO roles), alongside information on listed securities and interim dividend decisions [Audit Committee and Review of Financial Statements](index=31&type=section&id=Audit%20Committee%20and%20Review%20of%20Financial%20Statements) - The Audit Committee has reviewed the accounting principles and practices adopted by the Group and discussed matters concerning audit, risk management, internal control, and financial reporting[94](index=94&type=chunk) - The Audit Committee is satisfied that the financial statements have been prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting'[94](index=94&type=chunk) - The company's auditor has reviewed the interim condensed consolidated financial information in accordance with International Standard on Review Engagements 2410[94](index=94&type=chunk) [Directors' Compliance with the Standard Code for Securities Transactions](index=31&type=section&id=Directors'%20Compliance%20with%20the%20Standard%20Code%20for%20Securities%20Transactions) - The company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules, and specific inquiries were made to all Directors, who confirmed their compliance with all relevant requirements of the Standard Code during the reporting period[95](index=95&type=chunk) [Compliance with the Corporate Governance Code](index=31&type=section&id=Compliance%20with%20the%20Corporate%20Governance%20Code) - The company has adopted the Corporate Governance Code as set out in Appendix C1 of the Listing Rules as its own corporate governance code[96](index=96&type=chunk) - Except for the roles of Chairman and Chief Executive Officer being held by Mr. Dai Jian concurrently, the company has complied with all applicable code provisions during the reporting period[96](index=96&type=chunk) - The Board believes that the concurrent holding of the Chairman and Chief Executive Officer roles by the same individual ensures consistent leadership for the Group, enables more effective and efficient planning of the Group's overall strategy, and that the current Board structure ensures a balance between functions and powers[96](index=96&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=32&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) - For the six months ended June 30, 2025, the Group did not purchase, sell, or redeem any of the company's listed securities (including the sale of treasury shares)[97](index=97&type=chunk) [Interim Dividend](index=32&type=section&id=Interim%20Dividend) - The Directors do not recommend the payment of a dividend for the six months ended June 30, 2025[98](index=98&type=chunk) [Publication of 2025 Interim Results and Interim Report](index=32&type=section&id=Publication%20of%202025%20Interim%20Results%20and%20Interim%20Report) - The interim results announcement is published on the company's website (http://www.baioo.com.hk) and the website of Hong Kong Exchanges and Clearing Limited (http://www.hkexnews.hk)[99](index=99&type=chunk) - The company's 2025 interim report will be available on the aforementioned websites in due course[99](index=99&type=chunk)

Financial Performance - Total revenue for the first half of 2025 reached RMB 2,358.2 million, a year-on-year increase of 35.6% compared to RMB 1,739.7 million in 2024[4] - Adjusted net loss narrowed to RMB 1,162.1 million, a decrease of 50.0% year-on-year from RMB 2,326.2 million[4] - Revenue increased by 35.6% from RMB 1,739.7 million for the six months ended June 30, 2024, to RMB 2,358.2 million for the six months ended June 30, 2025, primarily driven by the growth in generative AI[37] - Generative AI revenue grew by 72.7%, from RMB 1,051.2 million to RMB 1,815.5 million, accounting for 77.0% of total revenue in the latest period[37] - The loss for the six months ended June 30, 2025, was RMB 1,489.3 million, a reduction from a loss of RMB 2,477.2 million for the same period in 2024, indicating a focus on improving operational efficiency[50] - Adjusted EBITDA for the six months ended June 30, 2025, was RMB (520.6) million, compared to RMB (1,889.6) million for the same period in 2024, reflecting improved operational performance[51] Profitability and Margins - Gross profit amounted to RMB 907.8 million, with a gross margin of 38.5%, down from 44.1% in the previous year[4] - Gross profit increased by 18.4% from RMB 766.8 million to RMB 907.8 million, while gross margin decreased from 44.1% to 38.5% due to rising costs[40] - Sales cost rose by 49.1% from RMB 972.9 million to RMB 1,450.4 million, with hardware costs and subcontracting services contributing significantly[39] Cash Flow and Liquidity - The company’s cash reserves stood at RMB 13,158.4 million as of June 30, 2025, providing ample support for ongoing investments in large model foundations and industry applications[8] - Cash and cash equivalents increased to RMB 11,168.4 million as of June 30, 2025, from RMB 8,888.0 million as of December 31, 2024, showing improved liquidity[57] - Net cash used in operating activities for the six months ended June 30, 2025, was RMB (639.5) million, significantly improved from RMB (3,523.8) million for the same period in 2024[59] - Net cash generated from investing activities for the six months ended June 30, 2025, was RMB 699.7 million, primarily due to a decrease in net investment in time deposits[61] - Net cash generated from financing activities for the six months ended June 30, 2025, was RMB 2,158.0 million, mainly attributed to net borrowings[62] Operational Efficiency - Trade receivables increased by 95.5% year-on-year to RMB 3,158.5 million, indicating improved sales and delivery efficiency[8] - The company achieved a stable operation of approximately 5,000 cards in heterogeneous clusters, with a utilization rate of about 80% and heterogeneous training efficiency reaching approximately 95% compared to homogeneous systems[10] - The total computing power is steadily growing to about 25,000 PetaFLOPS by August 2025, with a 20% improvement in computing power efficiency ratio compared to last year[10] Research and Development - R&D expenses increased by 12.0% from RMB 1,892.2 million to RMB 2,118.5 million, reflecting higher investments in foundational model training and generative AI applications[41] - The multi-modal training efficiency has reached industry-leading levels, with the V6 Omni model being the strongest all-modal interactive model in the domestic market[16] Market Position and Growth - The company was recognized as an industry leader in the "China AI Infrastructure Comprehensive Competitive Performance" report, ranking in the top three overall[14] - The visual AI segment serves over 660 domestic and international clients, with a long-term repurchase rate of 57%[23] - The "Raccoon" product family has surpassed 3 million users, processing approximately 10 billion data analysis tokens daily, significantly improving data production efficiency by about 300% in the financial sector[20] - The company aims to enhance operational vitality and capital market attractiveness through the "1+X" strategy, focusing on the integration of visual AI and generative AI technologies[31] Financial Position - Total assets as of June 30, 2025, amounted to RMB 35,580,941 thousand, an increase from RMB 34,599,511 thousand at the end of 2024[79] - The company’s equity attributable to equity holders decreased to RMB 22,278,695 thousand from RMB 23,460,774 thousand, reflecting accumulated losses[79] - As of June 30, 2025, the company's total equity attributable to equity holders was RMB 22,278,695,000, a decrease from RMB 23,460,774,000 as of January 1, 2025, reflecting a loss of RMB 1,477,949,000 during the period[81] Employee and Governance - The company employed 3,206 employees as of June 30, 2025, reflecting a 14.6% decrease from the previous year[65] - The company has taken measures to restore compliance with corporate governance codes after a temporary non-compliance situation[140] - The audit committee, consisting of independent non-executive directors, has reviewed the unaudited interim financial information for the reporting period[143] Future Outlook - The company has no specific future plans for significant investments or acquisitions of capital assets as of June 30, 2025, but will continue to seek new investment opportunities[73] - The announcement contains forward-looking statements based on current information and beliefs, which may be affected by risks and uncertainties[146]

[Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) The company's revenue decreased to RMB 588.3 million, with a lower gross margin of 30.9% and a significant decline in profit attributable to owners of the parent | Metric | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Revenue | RMB 588.3 million | RMB 622.5 million | | Gross Margin | 30.9% | 33.6% | | Profit attributable to owners of the parent | RMB 34.1 million | RMB 80.4 million | | Total Contracted GFA | 46 million sq.m. | - | | GFA Under Management | 35 million sq.m. | - | [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) This section presents the interim consolidated statements of profit or loss and other comprehensive income, and financial position, highlighting key financial performance and asset/liability changes [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the company's revenue decreased to RMB 588.3 million, with profit for the period significantly reduced to RMB 40.748 million, and profit attributable to owners of the parent declining by 57.6% to RMB 34.120 million Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Summary) | Metric | H1 2025 (RMB in thousands) | H1 2024 (RMB in thousands) | | :--- | :--- | :--- | | Revenue | 588,283 | 622,507 | | Cost of sales | (406,233) | (413,360) | | Gross Profit | 182,050 | 209,147 | | Other income and gains | 30,289 | 33,193 | | Selling and marketing expenses | (4,095) | (4,303) | | Administrative expenses | (140,189) | (120,034) | | Finance costs | (96) | (140) | | Profit before tax | 68,612 | 118,516 | | Income tax expense | (27,864) | (34,705) | | Profit for the period | 40,748 | 83,811 | | Profit attributable to owners of the parent | 34,120 | 80,432 | | Non-controlling interests | 6,628 | 3,379 | | Basic and diluted earnings per share | RMB 1.76 cents | RMB 4.16 cents | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the company's total net assets increased to RMB 2,776 million, up from RMB 2,734 million at the end of 2024, with total non-current assets at RMB 1,949 million, total current assets at RMB 1,596 million, total current liabilities at RMB 767 million, and total non-current liabilities at RMB 1.613 million Interim Condensed Consolidated Statement of Financial Position (Summary) | Metric | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | **Non-current assets** | | | | Property, plant and equipment | 33,127 | 36,142 | | Investment properties | 982,029 | 996,686 | | Total non-current assets | 1,949,082 | 1,844,572 | | **Current assets** | | | | Trade receivables | 272,585 | 264,062 | | Cash and cash equivalents | 1,196,296 | 1,299,809 | | Total current assets | 1,595,841 | 1,667,834 | | **Current liabilities** | | | | Trade payables | 143,417 | 135,803 | | Total current liabilities | 767,345 | 775,350 | | **Non-current liabilities** | | | | Total non-current liabilities | 1,613 | 3,171 | | **Net assets** | | | | Net assets | 2,775,965 | 2,733,885 | | **Equity** | | | | Equity attributable to owners of the parent | 2,747,316 | 2,711,864 | | Non-controlling interests | 28,649 | 22,021 | | Total equity | 2,775,965 | 2,733,885 | [Notes](index=6&type=section&id=%E9%99%84%E8%A8%BB) This section details the basis of preparation, changes in accounting policies, operating segment information, and specific breakdowns of revenue, expenses, and financial positions [1. Basis of Preparation](index=6&type=section&id=1.%20%E7%B7%A8%20%E8%A3%BD%20%E5%9F%BA%20%E6%BA%96) The Group primarily provides property management and value-added services in China, with its unaudited interim condensed consolidated financial statements prepared in RMB according to HKAS 34 and Appendix D2 of the Listing Rules - The Company was incorporated in the Cayman Islands on August 20, 2019, and listed on the Main Board of the Stock Exchange of Hong Kong on July 2, 2021[10](index=10&type=chunk) - The Group primarily provides property management and value-added services in mainland China during the period[11](index=11&type=chunk) - The financial statements are prepared in RMB in accordance with HKAS 34 and Appendix D2 of the Listing Rules[11](index=11&type=chunk)[12](index=12&type=chunk) [2. Changes in Accounting Policies and Disclosures](index=7&type=section&id=2.%20%E6%9C%83%20%E8%A8%88%20%E6%94%BF%20%E7%AD%96%20%E5%8F%8A%20%E6%8A%AB%20%E9%9C%B2%20%E4%B9%8B%20%E8%AE%8A%20%E5%8B%95) The accounting policies used for the interim financial statements are consistent with the annual consolidated financial statements, except for the initial adoption of amended HKFRSs, which had no material impact - The accounting policies adopted for the preparation of the interim financial statements are consistent with those applied in the annual consolidated financial statements, except for the initial adoption of amended HKFRSs[13](index=13&type=chunk) - The application of HKAS 21 (Amendment) "Lack of Exchangeability" had no material impact on the financial statements[14](index=14&type=chunk) [3. Operating Segment Information](index=7&type=section&id=3.%20%E7%B6%93%20%E7%87%9F%20%E5%88%86%20%E9%83%A8%20%E8%B3%87%20%E6%96%99) The Group, primarily engaged in property management and value-added services, does not present operating segment information due to integrated resources and no separate operating segments; geographical information is also not presented as all revenue and most non-current assets are from mainland China, with no single customer accounting for over 10% of revenue - The Group is primarily engaged in providing property management and value-added services, and no operating segment information is presented[15](index=15&type=chunk) - All of the Group's revenue and substantially all non-current assets are derived from mainland China, thus no geographical information is presented[16](index=16&type=chunk) - No single customer or group of customers under common control accounted for **10%** or more of the Group's revenue during the period[17](index=17&type=chunk) [4. Revenue, Other Income and Gains](index=8&type=section&id=4.%20%E6%94%B6%20%E7%9B%8A%E3%80%81%E5%85%B6%20%E4%BB%96%20%E6%94%B6%20%E5%85%A5%20%E5%8F%8A%20%E6%94%B6%20%E7%9B%8A) The Group's total revenue was RMB 588.3 million, primarily from property management and value-added services, with other income and gains of RMB 30.289 million mainly comprising interest income from related parties Revenue Analysis | Service Type | H1 2025 (RMB in thousands) | H1 2024 (RMB in thousands) | | :--- | :--- | :--- | | Property management services | 487,802 | 490,036 | | Value-added services | 84,878 | 117,378 | | **Subtotal revenue from contracts with customers** | **572,680** | **607,414** | | Operating lease rental income | 15,603 | 15,093 | | **Total Revenue** | **588,283** | **622,507** | Other Income and Gains Analysis | Item | H1 2025 (RMB in thousands) | H1 2024 (RMB in thousands) | | :--- | :--- | :--- | | Bank interest income | 3,645 | 5,197 | | Interest income from related parties | 24,343 | 26,832 | | Net exchange gain | 723 | 6 | | **Total** | **30,289** | **33,193** | [5. Finance Costs](index=9&type=section&id=5.%20%E8%B2%A1%20%E5%8B%99%20%E8%B2%BB%20%E7%94%A8) The Group's finance costs for H1 2025 decreased to RMB 96 thousand from RMB 140 thousand in H1 2024 Finance Costs | Item | H1 2025 (RMB in thousands) | H1 2024 (RMB in thousands) | | :--- | :--- | :--- | | Finance costs | 96 | 140 | [6. Profit Before Tax](index=9&type=section&id=6.%20%E9%99%A4%20%E7%A8%85%20%E5%89%8D%20%E6%BA%A2%20%E5%88%A9) The Group's profit before tax significantly decreased to RMB 68.612 million from RMB 118.516 million in the prior period, mainly due to increased employee benefit expenses and impairment losses on trade receivables Items Deducted From / (Credited To) Profit Before Tax | Item | H1 2025 (RMB in thousands) | H1 2024 (RMB in thousands) | | :--- | :--- | :--- | | Cost of services provided | 406,233 | 413,360 | | Depreciation of property and equipment | 7,001 | 7,771 | | Depreciation of investment properties | 14,657 | 14,734 | | Total employee benefit expenses | 219,957 | 267,962 | | Net impairment loss on trade receivables | 45,135 | 27,440 | | Net exchange gain | (723) | (6) | [7. Income Tax Expense](index=10&type=section&id=7.%20%E7%A8%85%20%E9%A0%85%20%E9%96%8B%20%E6%94%AF) The Group's income tax expense was RMB 27.864 million, primarily for PRC corporate income tax, with the percentage of income tax expense to profit before tax increasing to 40.6% due to non-deductible impairment losses on trade receivables - Subsidiaries operating in mainland China are generally subject to PRC corporate income tax at a rate of **25%**[23](index=23&type=chunk) Income Tax Expense Analysis | Item | H1 2025 (RMB in thousands) | H1 2024 (RMB in thousands) | | :--- | :--- | :--- | | PRC corporate income tax | 25,901 | 35,058 | | Deferred tax | 1,963 | 433 | | **Total income tax expense for the period** | **27,864** | **34,705** | [8. Dividends](index=10&type=section&id=8.%20%E8%82%A1%20%E6%81%AF) The Board resolved not to declare an interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025 (H1 2024: nil)[25](index=25&type=chunk) [9. Earnings Per Share Attributable to Owners of the Parent](index=10&type=section&id=9.%20%E6%AF%8D%20%E5%85%AC%20%E5%8F%B8%20%E6%99%AE%20%E9%80%9A%20%E8%82%A1%20%E6%AC%8A%20%E7%9B%8A%20%E6%8C%81%20%E6%9C%89%20%E4%BA%BA%20%E6%87%89%20%E4%BD%94%20%E6%AF%8F%20%E8%82%A1%20%E7%9B%88%20%E5%88%A9) For the six months ended June 30, 2025, basic earnings per share significantly decreased to RMB 1.76 cents from RMB 4.16 cents in the prior period, with no dilutive potential ordinary shares Earnings Per Share | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit attributable to owners of the parent | RMB 34,120,000 | RMB 80,432,000 | | Weighted average number of ordinary shares in issue | 1,935,000,000 shares | 1,935,000,000 shares | | Basic earnings per share | RMB 1.76 cents | RMB 4.16 cents | - There were no potential dilutive ordinary shares outstanding during the period, so the basic earnings per share amount was not adjusted for dilution[26](index=26&type=chunk) [10. Trade Receivables](index=11&type=section&id=10.%20%E8%B2%BF%20%E6%98%93%20%E6%87%89%20%E6%94%B6%20%E6%AC%BE%20%E9%A0%85) As of June 30, 2025, total trade receivables increased to RMB 272.6 million from RMB 264.1 million at the end of 2024, with receivables over 365 days accounting for the largest portion at RMB 125 million - Trade receivables primarily represent amounts due from property management and value-added services, collected quarterly or monthly, and are interest-free[27](index=27&type=chunk) Ageing Analysis of Trade Receivables (Net of Loss Allowance) | Ageing | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Current to 90 days | 59,888 | 50,974 | | 91 to 180 days | 43,828 | 45,717 | | 181 to 365 days | 43,859 | 60,108 | | Over 365 days | 125,010 | 107,263 | | **Total** | **272,585** | **264,062** | [11. Trade Payables](index=11&type=section&id=11.%20%E8%B2%BF%20%E6%98%93%20%E6%87%89%20%E4%BB%98%20%E6%AC%BE%20%E9%A0%85) As of June 30, 2025, total trade payables increased to RMB 143.4 million from RMB 135.8 million at the end of 2024, with the largest portion being current to 90 days Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Current to 90 days | 115,012 | 101,012 | | 91 to 365 days | 23,070 | 29,209 | | Over 365 days | 5,335 | 5,582 | | **Total** | **143,417** | **135,803** | [Management Discussion and Analysis](index=12&type=section&id=%E7%AE%A1%20%E7%90%86%20%E5%B1%A4%20%E8%A8%8E%20%E8%AB%96%20%E5%8F%8A%20%E5%88%86%20%E6%9E%90) This section provides an overview of the Group's business, reviews its commercial and residential property management performance, and outlines future strategic outlook [Overview](index=12&type=section&id=%E6%A6%82%20%E8%A6%BD) SCE Commercial Management is a property management service provider operating across China's five major economic circles, with approximately **46 million square meters** of total contracted GFA and **35 million square meters** under management as of June 30, 2025 - The Group's business spans the Western Taiwan Straits Economic Zone, Yangtze River Delta Economic Zone, Bohai Rim Economic Zone, Greater Bay Area, and central and western regions[30](index=30&type=chunk) Contracted and GFA Under Management | Property Type | Total Contracted GFA (million sq.m.) | Total GFA Under Management (million sq.m.) | | :--- | :--- | :--- | | Commercial properties | 3.9 | 1.7 | | Residential properties | 42.1 | 33.3 | | **Total** | **46.0** | **35.0** | [Business Review](index=12&type=section&id=%E6%A5%AD%20%E5%8B%99%20%E5%9B%9E%20%E9%A1%A7) During the period, the Group's business comprised commercial property management and operation services, with revenue decreasing by **23.8%** year-over-year, and residential property management services, with revenue increasing by **4.6%** year-over-year [Commercial Property Management and Operation Services](index=13&type=section&id=%E5%95%86%20%E6%A5%AD%20%E7%89%A9%20%E6%A5%AD%20%E7%AE%A1%20%E7%90%86%20%E5%8F%8A%20%E9%81%8B%20%E7%87%9F%20%E6%9C%8D%20%E5%8B%99) Commercial property management and operation services revenue decreased by **23.8%** year-over-year to RMB 169.1 million, with GFA under management slightly increasing by **2.9%** to **1.7 million square meters**; the company maintained its "one store, one strategy" approach, enhancing foot traffic and efficiency through brand adjustments and marketing, while strengthening its "digital empowerment" strategy Key Metrics for Commercial Property Management and Operation Services | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | RMB 169.1 million | RMB 221.8 million | | Year-over-year change | -23.8% | - | | GFA under management | 1.7 million sq.m. | 1.681 million sq.m. | | Year-over-year change | +2.9% | - | | Projects under management | 14 units | 17 units | | Year-over-year change | -3 units | - | | Contracted GFA | 3.9 million sq.m. | 4.605 million sq.m. | | Year-over-year change | -15.1% | - | - The company adheres to a "one store, one strategy" operating approach, closely following market trends and regional demands to continuously stimulate commercial vitality through proactive adjustments[35](index=35&type=chunk) - In H1 2025, the national mall tenant adjustment rate exceeded **10%**, significantly boosting foot traffic and sales efficiency, with innovative marketing activities leading to substantial increases in foot traffic and sales[36](index=36&type=chunk)[37](index=37&type=chunk) [Residential Property Management Services](index=16&type=section&id=%E4%BD%8F%20%E5%AE%85%20%E7%89%A9%20%E6%A5%AD%20%E7%AE%A1%20%E7%90%86%20%E6%9C%8D%20%E5%8B%99) Residential property management services revenue increased by **4.6%** year-over-year to RMB 419.2 million, with GFA under management growing by **8.0%** to **33.3 million square meters**; the company enhanced service quality and efficiency through service model optimization and smart system upgrades, while expanding value-added services like housekeeping and cleaning Key Metrics for Residential Property Management Services | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | RMB 419.2 million | RMB 400.7 million | | Year-over-year change | +4.6% | - | | GFA under management | 33.3 million sq.m. | 30.785 million sq.m. | | Year-over-year change | +8.0% | - | | Projects under management | 203 units | 186 units | | Year-over-year change | +17 units | - | | Contracted GFA | 42.1 million sq.m. | 43.087 million sq.m. | | Year-over-year change | -2.3% | - | - The Group continuously enhances service quality and efficiency through optimizing service models, refining service details, improving organizational effectiveness, and upgrading smart systems[39](index=39&type=chunk) - Beyond basic property management, the Group continues to expand value-added services such as housekeeping, cleaning, home beautification, asset leasing, and community energy/health solutions to diversify profit sources[39](index=39&type=chunk) [Outlook](index=17&type=section&id=%E5%B1%95%20%E6%9C%9B) Facing evolving business environments and the rise of "Generation Z" consumers, SCE Commercial Management will deepen its "Three-Year Enhancement" plan, adapting strategies to local conditions to boost differentiated competitiveness, focusing on digital technology, high-quality commercial content, refined operations, and a "one store, one strategy" approach - 2025 marks a crucial year for SCE Commercial Management's "Three-Year Enhancement" plan, with a steady start and deepening implementation[41](index=41&type=chunk) - Operating strategies include continuous focus on local consumption trends, improving pre-leasing planning, deep operations with precise marketing, and cost reduction for efficiency gains[41](index=41&type=chunk) - For the second half of the year, the company will strengthen digital technology, maintain high-quality commercial content, persist in deep operations with increased investment, and advance its "one store, one strategy" differentiated operating approach[42](index=42&type=chunk) [Financial Review](index=18&type=section&id=%E8%B2%A1%20%E5%8B%99%20%E5%9B%9E%20%E9%A1%A7) This section reviews the Group's financial performance, including revenue, gross profit, other income, administrative expenses, income tax, and profit attributable to owners of the parent [Revenue](index=18&type=section&id=%E6%94%B6%20%E7%9B%8A) The Group's total revenue decreased by **5.5%** from approximately RMB 622.5 million in H1 2024 to approximately RMB 588.3 million in the current period, primarily due to significant reductions in commercial property management and non-owner value-added services revenue, partially offset by growth in basic residential property management services revenue Revenue by Service Category | Service Category | H1 2025 (RMB in thousands) | % of Total | H1 2024 (RMB in thousands) | % of Total | | :--- | :--- | :--- | :--- | :--- | | Subtotal commercial property management and operation services | 169,115 | 28.7 | 221,842 | 35.6 | | Subtotal residential property management services | 419,168 | 71.3 | 400,665 | 64.4 | | **Total** | **588,283** | **100.0** | **622,507** | **100.0** | - Total revenue decreased by approximately **5.5%** from approximately RMB 622.5 million in H1 2024 to approximately RMB 588.3 million in the current period[43](index=43&type=chunk) [Basic Commercial Property Management Services](index=19&type=section&id=%E5%9F%BA%20%E6%9C%AC%20%E5%95%86%20%E6%A5%AD%20%E7%89%A9%20%E6%A5%AD%20%E7%AE%A1%20%E7%90%86%20%E6%9C%8D%20%E5%8B%99) Revenue from basic commercial property management services decreased by **26.3%** to RMB 99.1 million, primarily due to the termination of certain project contracts Revenue from Basic Commercial Property Management Services | Metric | H1 2025 (RMB in millions) | H1 2024 (RMB in millions) | | :--- | :--- | :--- | | Revenue | 99.1 | 134.4 | | Year-over-year change | -26.3% | - | | Percentage of total revenue | 16.8% | 21.6% | - The decrease in revenue was primarily due to the termination of property management contracts for certain projects during the period[45](index=45&type=chunk) [Other Value-Added Services and Rental Income](index=19&type=section&id=%E5%85%B6%20%E4%BB%96%20%E5%A2%9E%20%E5%80%BC%20%E6%9C%8D%20%E5%8B%99%20%E5%8F%8A%20%E7%A7%9F%20%E9%87%91%20%E6%94%B6%20%E5%85%A5) Other value-added services and rental income decreased by **19.9%** to RMB 70.0 million, primarily impacted by the unfavorable economic environment Other Value-Added Services and Rental Income | Metric | H1 2025 (RMB in millions) | H1 2024 (RMB in millions) | | :--- | :--- | :--- | | Revenue | 70.0 | 87.4 | | Year-over-year change | -19.9% | - | | Percentage of total revenue | 11.9% | 14.0% | - The decrease in revenue was primarily due to reduced demand for other value-added services from tenants amidst an unfavorable economic environment[46](index=46&type=chunk) [Basic Residential Property Management Services](index=19&type=section&id=%E5%9F%BA%20%E6%9C%AC%20%E4%BD%8F%20%E5%AE%85%20%E7%89%A9%20%E6%A5%AD%20%E7%AE%A1%20%E7%90%86%20%E6%9C%8D%20%E5%8B%99) Revenue from basic residential property management services increased by **9.3%** to RMB 388.7 million, primarily benefiting from an increase in GFA under management Revenue from Basic Residential Property Management Services | Metric | H1 2025 (RMB in millions) | H1 2024 (RMB in millions) | | :--- | :--- | :--- | | Revenue | 388.7 | 355.6 | | Year-over-year change | +9.3% | - | | Percentage of total revenue | 66.1% | 57.1% | - The increase in revenue was primarily due to an increase in GFA under management[47](index=47&type=chunk) [Non-Owner Value-Added Services](index=19&type=section&id=%E9%9D%9E%20%E6%A5%AD%20%E4%B8%BB%20%E5%A2%9E%20%E5%80%BC%20%E6%9C%8D%20%E5%8B%99) Revenue from non-owner value-added services significantly decreased by **91.8%** to RMB 0.7 million, mainly due to substantial reductions in sales office management and pre-delivery inspection services revenue Revenue from Non-Owner Value-Added Services | Metric | H1 2025 (RMB in millions) | H1 2024 (RMB in millions) | | :--- | :--- | :--- | | Revenue | 0.7 | 9.0 | | Year-over-year change | -91.8% | - | | Percentage of total revenue | 0.1% | 1.5% | - The significant decrease in revenue was primarily due to substantial reductions in sales office management and pre-delivery inspection services revenue[48](index=48&type=chunk) [Gross Profit](index=20&type=section&id=%E6%AF%9B%20%E5%88%A9) Gross profit decreased by **13.0%** from approximately RMB 209.1 million in H1 2024 to approximately RMB 182.1 million in the current period, with the overall gross margin declining from **33.6%** to **30.9%**, mainly due to reduced revenue from higher-margin value-added services Gross Profit and Gross Margin | Metric | H1 2025 (RMB in millions) | H1 2024 (RMB in millions) | | :--- | :--- | :--- | | Gross Profit | 182.1 | 209.1 | | Year-over-year change | -13.0% | - | | Gross Margin | 30.9% | 33.6% | - The decrease in gross margin was primarily due to reduced revenue from value-added services, which typically have higher gross margins[49](index=49&type=chunk) [Other Income and Gains](index=20&type=section&id=%E5%85%B6%20%E4%BB%96%20%E6%94%B6%20%E5%85%A5%20%E5%8F%8A%20%E6%94%B6%20%E7%9B%8A) Other income and gains decreased by **8.7%** from approximately RMB 33.2 million in H1 2024 to approximately RMB 30.3 million in the current period, mainly due to reduced interest income Other Income and Gains | Metric | H1 2025 (RMB in millions) | H1 2024 (RMB in millions) | | :--- | :--- | :--- | | Other income and gains | 30.3 | 33.2 | | Year-over-year change | -8.7% | - | - The decrease in other income and gains was primarily due to reduced interest income[50](index=50&type=chunk) [Administrative Expenses](index=20&type=section&id=%E8%A1%8C%20%E6%94%BF%20%E9%96%8B%20%E6%94%AF) Administrative expenses increased by **16.8%** from approximately RMB 120.0 million in H1 2024 to approximately RMB 140.2 million in the current period, primarily due to increased impairment losses on trade receivables Administrative Expenses | Metric | H1 2025 (RMB in millions) | H1 2024 (RMB in millions) | | :--- | :--- | :--- | | Administrative expenses | 140.2 | 120.0 | | Year-over-year change | +16.8% | - | - The increase in administrative expenses was primarily attributable to impairment losses on trade receivables[51](index=51&type=chunk) [Income Tax Expense](index=20&type=section&id=%E7%A8%85%20%E9%A0%85%20%E9%96%8B%20%E6%94%AF) Income tax expense decreased by **19.7%** from approximately RMB 34.7 million in H1 2024 to approximately RMB 27.9 million in the current period, with the percentage of income tax expense to profit before tax rising from **29.3%** to **40.6%** due to non-deductible impairment losses on trade receivables Income Tax Expense | Metric | H1 2025 (RMB in millions) | H1 2024 (RMB in millions) | | :--- | :--- | :--- | | Income tax expense | 27.9 | 34.7 | | Year-over-year change | -19.7% | - | | Percentage of profit before tax | 40.6% | 29.3% | - The increase in the percentage of income tax expense was primarily due to impairment losses on trade receivables being non-deductible for tax purposes[52](index=52&type=chunk) [Profit Attributable to Owners of the Parent](index=20&type=section&id=%E6%AF%8D%20%E5%85%AC%20%E5%8F%B8%20%E6%93%81%20%E6%9C%89%20%E4%BA%BA%20%E6%87%89%20%E4%BD%94%20%E6%BA%A2%20%E5%88%A9) Profit attributable to owners of the parent significantly decreased by **57.6%** from approximately RMB 80.4 million in H1 2024 to approximately RMB 34.1 million in the current period, primarily due to reduced revenue from higher-margin value-added services amidst an unfavorable macroeconomic environment and impairment losses on trade receivables Profit Attributable to Owners of the Parent | Metric | H1 2025 (RMB in millions) | H1 2024 (RMB in millions) | | :--- | :--- | :--- | | Profit | 34.1 | 80.4 | | Year-over-year change | -57.6% | - | | Basic earnings per share | RMB 1.76 cents | RMB 4.16 cents | - The decrease in profit was primarily due to reduced revenue from higher-margin value-added services amidst an unfavorable macroeconomic environment and impairment losses on trade receivables[53](index=53&type=chunk) [Amounts Due from Related Parties](index=21&type=section&id=%E6%87%89%20%E6%94%B6%20%E9%97%9C%20%E8%81%AF%20%E6%96%B9%20%E6%AC%BE%20%E9%A0%85) The Group's amounts due from related parties represent loans advanced to CIFI Group, with the annual interest rate adjusted from **7.0%** to **5.5%** and the maturity date extended by two years to December 31, 2026 - Amounts due from related parties represent loans advanced to CIFI Group, with the annual interest rate adjusted from **7.0%** to **5.5%**[54](index=54&type=chunk) - The loan maturity date has been extended by two years from December 31, 2024, to **December 31, 2026**[54](index=54&type=chunk) [Liquidity, Financial and Capital Resources](index=21&type=section&id=%E6%B5%81%20%E5%8B%95%20%E8%B3%87%20%E9%87%91%E3%80%81%E8%B2%A1%20%E5%8B%99%20%E5%8F%8A%20%E8%B3%87%20%E6%9C%AC%20%E8%B3%87%20%E6%BA%90) As of June 30, 2025, the Group's cash and bank balances totaled RMB 1,196.3 million, primarily denominated in RMB, with no borrowings and a zero gearing ratio during the period [Cash Position](index=21&type=section&id=%E7%8F%BE%20%E9%87%91%20%E7%8B%80%20%E6%B3%81) As of June 30, 2025, the Group's cash and bank balances totaled RMB 1,196.3 million, primarily denominated in RMB Cash and Bank Balances | Currency | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | RMB | 1,195,574 | 1,254,600 | | HKD | 681 | 635 | | USD | 41 | 44,574 | | **Total** | **1,196,296** | **1,299,809** | [Borrowings](index=21&type=section&id=%E8%B2%B8%20%E6%AC%BE) As of June 30, 2025, the Group had not incurred any borrowings - As of June 30, 2025, the Group had not incurred any borrowings (December 31, 2024: nil)[55](index=55&type=chunk) [Gearing Ratio](index=21&type=section&id=%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87) As of June 30, 2025, the Group's gearing ratio was nil - As of June 30, 2025, the gearing ratio was nil (December 31, 2024: nil)[56](index=56&type=chunk) [Corporate Governance](index=22&type=section&id=%E4%BC%81%20%E6%A5%AD%20%E7%AE%A1%20%E6%B2%BB) This section outlines the Group's adherence to corporate governance codes, including exchange rate risk monitoring, audit committee review, and director securities trading standards [Exchange Rate Fluctuation Risk](index=22&type=section&id=%E5%BD%99%20%E7%8E%87%20%E6%B3%A2%20%E5%8B%95%20%E9%A2%A8%20%E9%9A%AA) The Group's operations are primarily denominated in RMB, with no significant adverse impact from exchange rate fluctuations on operating results; no foreign currency hedging arrangements were made during the period, and exchange rate risk will continue to be closely monitored - The Group's operations are primarily denominated in RMB, and exchange rate fluctuations have no material adverse impact on operating results[57](index=57&type=chunk) - As of June 30, 2025, the Group had not entered into any foreign currency hedging arrangements and will continue to closely monitor foreign currency exchange rate fluctuation risks[57](index=57&type=chunk) [Corporate Governance](index=22&type=section&id=%E4%BC%81%20%E6%A5%AD%20%E7%AE%A1%20%E6%B2%BB) During the period, the Company and its Board consistently complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules - During the period, the Company and its Board consistently complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules[58](index=58&type=chunk) [Audit Committee and Review of Interim Results](index=22&type=section&id=%E5%AF%A9%20%E6%A0%B8%20%E5%A7%94%20%E5%93%A1%20%E6%9C%83%20%E5%8F%8A%20%E5%AF%A9%20%E9%96%B1%20%E4%B8%AD%20%E6%9C%9F%20%E6%A5%AD%20%E7%B8%BE) The Company's Audit Committee, comprising three independent non-executive directors, with Mr. Pang Hon Chung as Chairman possessing expertise in accounting and financial management, has reviewed the Group's accounting policies, interim financial statements, and interim results announcement - The Audit Committee comprises three independent non-executive directors: Mr. Pang Hon Chung (Chairman), Mr. Wong Wing Ping, and Mr. Ding Zuyu[59](index=59&type=chunk) - Mr. Pang Hon Chung, the Chairman of the Audit Committee, possesses considerable expertise in accounting and financial management[59](index=59&type=chunk) - The Audit Committee has reviewed the accounting policies adopted by the Group, the interim financial statements, and this interim results announcement[60](index=60&type=chunk) [Standard Code for Securities Transactions by Directors](index=23&type=section&id=%E8%91%A3%20%E4%BA%8B%20%E9%80%B2%20%E8%A1%8C%20%E8%AD%89%20%E5%88%B8%20%E4%BA%A4%20%E6%98%93%20%E7%9A%84%20%E6%A8%99%20%E6%BA%96%20%E5%AE%88%20%E5%89%87) The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules, with all directors confirming strict compliance during the period - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[61](index=61&type=chunk) - All directors confirmed strict compliance with the standards set out in the Model Code throughout the period[61](index=61&type=chunk) [Purchase, Redemption or Sale of the Company's Listed Securities](index=23&type=section&id=%E8%B3%BC%20%E8%B2%B7%E3%80%81%E8%B4%96%20%E5%9B%9E%20%E6%88%96%20%E5%87%BA%20%E5%94%AE%20%E6%9C%AC%20%E5%85%AC%20%E5%8F%B8%20%E4%B8%8A%20%E5%B8%82%20%E8%AD%89%20%E5%88%B8) During the period, neither the Company nor its subsidiaries purchased, redeemed, or sold any of the Company's listed securities - During the period, neither the Company nor its subsidiaries purchased, redeemed, or sold any of the Company's listed securities[62](index=62&type=chunk) [Interim Dividends](index=23&type=section&id=%E4%B8%AD%20%E6%9C%9F%20%E8%82%A1%20%E6%81%AF) The Board resolved not to declare any interim dividends for the period, consistent with the prior period - The Board resolved not to declare any interim dividends for the period (for the six months ended June 30, 2024: nil)[63](index=63&type=chunk) [Publication of Interim Results and Interim Report](index=23&type=section&id=%E5%88%8A%20%E7%99%BC%20%E4%B8%AD%20%E6%9C%9F%20%E6%A5%AD%20%E7%B8%BE%20%E5%92%8C%20%E4%B8%AD%20%E6%9C%9F%20%E5%A0%B1%20%E5%91%8A) This interim results announcement has been published on the Company's website and the Stock Exchange's website, with the interim report to be published in due course - This interim results announcement is published on the Company's website (www.sce-icm.com) and the Stock Exchange's website (www.hkexnews.hk)[64](index=64&type=chunk) - The Group's 2025 interim report, containing relevant information as required by the Listing Rules, will be published on the Company's and the Stock Exchange's websites in due course[64](index=64&type=chunk)

[Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) [Interim Condensed Consolidated Financial Statements](index=1&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) The Group's unaudited consolidated financial statements for the six months ended June 30, 2025, show a significant decrease in both revenue and profit for the period, but an improved gross profit margin, with non-current assets increasing while current assets and liabilities decreased [Interim Condensed Consolidated Income Statement](index=1&type=section&id=Interim%20Condensed%20Consolidated%20Income%20Statement) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 116,206 | 143,943 | -19.3% | | Cost of sales | (77,865) | (101,926) | -23.6% | | Gross profit | 38,341 | 42,017 | -8.7% | | Profit before tax | 1,350 | 5,524 | -75.5% | | Profit for the period | 1,172 | 5,339 | -78.0% | | Profit attributable to owners of the parent | 1,173 | 5,341 | -78.0% | | Basic and diluted earnings per share | RMB 0.1 cent | RMB 0.4 cent | -75.0% | [Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | | :--- | :--- | :--- | :--- | | Profit for the period | 1,172 | 5,339 | -4,167 | | Exchange differences on translation of foreign operations (may be reclassified) | 3,253 | (2,143) | 5,396 | | Exchange differences on translation of foreign operations (will not be reclassified) | (5,754) | 2,213 | -7,967 | | Other comprehensive (loss)/income for the period, net of tax | (2,501) | 70 | -2,571 | | Total comprehensive (loss)/income for the period | (1,329) | 5,409 | -6,738 | | Total comprehensive (loss)/income attributable to owners of the parent | (1,328) | 5,411 | -6,739 | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (RMB thousands) | | :--- | :--- | :--- | :--- | | Total non-current assets | 538,833 | 489,830 | 49,003 | | Total current assets | 129,697 | 154,974 | -25,277 | | Total current liabilities | 193,322 | 214,735 | -21,413 | | Net current liabilities | (63,625) | (59,761) | -3,864 | | Total non-current liabilities | 121,001 | 74,533 | 46,468 | | Net assets | 354,207 | 355,536 | -1,329 | | Total equity | 354,207 | 355,536 | -1,329 | [Notes to Interim Condensed Consolidated Financial Information](index=6&type=section&id=Notes%20to%20Interim%20Condensed%20Consolidated%20Financial%20Information) This section details the basis of preparation, changes in accounting policies, operating segment information, revenue composition, profit before tax breakdown, income tax policies, dividends, earnings per share calculation, property, plant and equipment changes, aging of receivables and payables, share capital structure, capital commitments, and related party transactions, providing deeper context for understanding the financial data [1. Basis of Preparation](index=6&type=section&id=1.%20Basis%20of%20Preparation) - The interim condensed consolidated financial information is prepared in accordance with Hong Kong Accounting Standard 34 and should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2024[8](index=8&type=chunk) - Despite the Group recording net current liabilities of approximately **RMB 63,625,000** as of June 30, 2025, the Board believes the Group has the ability to continue as a going concern, based on sufficient bank financing (**RMB 210,000,000** with **RMB 3,661,000** unutilized), the ability to renew short-term bank loans, and efforts to develop new customers and improve working capital[9](index=9&type=chunk)[10](index=10&type=chunk) [2. Changes in Accounting Policies and Disclosures](index=6&type=section&id=2.%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) - The accounting policies adopted in preparing the interim financial information are consistent with those in the 2024 annual consolidated financial statements, except for the initial adoption of revised Hong Kong Financial Reporting Standards[11](index=11&type=chunk) - The amendments to Hong Kong Accounting Standard 21 regarding lack of exchangeability have no impact on the Group's interim condensed consolidated financial information, as both the Group's transaction and functional currencies are exchangeable[12](index=12&type=chunk) [3. Operating Segment Information](index=7&type=section&id=3.%20Operating%20Segment%20Information) Segment Revenue and Results (RMB thousands) | Segment | 2025 Revenue | 2025 Results | 2024 Revenue | 2024 Results | | :--- | :--- | :--- | :--- | :--- | | ODM Products | 98,356 | 25,373 | 125,297 | 30,887 | | Branded Products | 17,850 | (7,801) | 18,646 | (9,067) | | Total | 116,206 | 17,572 | 143,943 | 21,820 | Revenue from External Customers by Destination of Shipment (RMB thousands) | Region | 2025 | 2024 | | :--- | :--- | :--- | | Mainland China | 34,411 | 49,146 | | Germany | 33,079 | 24,563 | | United States of America | 19,897 | 37,903 | | Netherlands | 9,549 | 7,000 | | Canada | 9,140 | 14,823 | | Other Countries or Regions | 10,130 | 10,508 | | Total | 116,206 | 143,943 | - As of June 30, 2025, the Group's non-current assets are primarily located in Mainland China, totaling **RMB 538,683 thousands**, an increase from **RMB 489,680 thousands** as of December 31, 2024[15](index=15&type=chunk) [4. Revenue](index=9&type=section&id=4.%20Revenue) Disaggregation of Revenue from Contracts with Customers (RMB thousands) | Segment | 2025 ODM Products | 2025 Branded Products | 2025 Total | | :--- | :--- | :--- | :--- | | Sale of goods | 98,356 | 17,850 | 116,206 | | Mainland China | 16,561 | 17,850 | 34,411 | | Germany | 33,079 | — | 33,079 | | United States of America | 19,897 | — | 19,897 | | Netherlands | 9,549 | — | 9,549 | | Canada | 9,140 | — | 9,140 | | Other Countries or Regions | 10,130 | — | 10,130 | | Timing of revenue recognition | Goods transferred at a point in time | Goods transferred at a point in time | Goods transferred at a point in time | [5. Profit Before Tax](index=11&type=section&id=5.%20Profit%20Before%20Tax) Key Items Affecting Profit Before Tax (RMB thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Cost of inventories sold | 77,865 | 101,926 | | Depreciation of property, plant and equipment | 4,596 | 5,597 | | Research and development costs | 8,296 | 8,563 | | Total employee benefit expenses | 34,194 | 38,947 | | Write-down of inventories to net realisable value | 600 | 1,792 | | (Gain)/loss on disposal of items of property, plant and equipment | (343) | 501 | | Net exchange differences | (858) | (1,057) | [6. Income Tax](index=12&type=section&id=6.%20Income%20Tax) - The Group is exempt from income tax in the Cayman Islands. Hong Kong profits tax rate is **16.5%**, with a two-tiered tax rate (first **HKD 2 million** at **8.25%**) applicable to some subsidiaries. The statutory tax rate in Mainland China is **25%**, but Zhejiang Bonnie Fashion Holding Group Co, Ltd, as a high-tech enterprise, enjoys a preferential tax rate of **15%**[20](index=20&type=chunk)[21](index=21&type=chunk)[22](index=22&type=chunk) Income Tax Expense (RMB thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Current period expense | 178 | 185 | | Total tax deducted for the period | 178 | 185 | [7. Dividends](index=12&type=section&id=7.%20Dividends) - The Company did not declare or pay any dividends during the reporting period[24](index=24&type=chunk) [8. Earnings Per Share Attributable to Owners of the Parent](index=13&type=section&id=8.%20Earnings%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Parent) Basic and Diluted Earnings Per Share Calculation | Item | 2025 | 2024 | | :--- | :--- | :--- | | Profit attributable to owners of the parent (RMB thousands) | 1,173 | 5,341 | | Weighted average number of ordinary shares in issue during the period (shares) | 1,471,123,710 | 1,200,000,000 | | Basic and diluted earnings per share (RMB) | 0.1 cent | 0.4 cent | - As of June 30, 2025 and 2024, the Group had no dilutive potential ordinary shares in issue[26](index=26&type=chunk) [9. Property, Plant and Equipment](index=13&type=section&id=9.%20Property%2C%20Plant%20and%20Equipment) - For the six months ended June 30, 2025, the Group acquired assets totaling **RMB 2,936,000** (2024: **RMB 4,824,000**)[28](index=28&type=chunk) - During the same period, the Group disposed of assets with a net book value of **RMB 31,000**, resulting in a net gain on disposal of **RMB 343,000** (2024: net loss on disposal of **RMB 501,000**)[28](index=28&type=chunk) [10. Trade Receivables](index=14&type=section&id=10.%20Trade%20Receivables) Aging Analysis of Trade Receivables (RMB thousands) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 3 months | 28,816 | 37,018 | | 3 to 6 months | 2,425 | 1,888 | | 6 to 12 months | 3,885 | 6,166 | | 1 to 2 years | 899 | 569 | | 2 to 3 years | 98 | 79 | | Total | 36,123 | 45,720 | [11. Trade Payables and Bills Payable](index=14&type=section&id=11.%20Trade%20Payables%20and%20Bills%20Payable) Aging Analysis of Trade Payables and Bills Payable (RMB thousands) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 3 months | 5,962 | 11,981 | | 3 to 6 months | 14,114 | 9,538 | | 6 to 12 months | 4,090 | 7,010 | | Over 12 months | 1,656 | 3,789 | | Total | 25,822 | 32,318 | [12. Share Capital](index=15&type=section&id=12.%20Share%20Capital) Issued and Fully Paid Ordinary Shares (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Ordinary shares (1,471,123,710 shares) | 100,114 | 100,114 | [13. Commitments](index=15&type=section&id=13.%20Commitments) Contractual Commitments (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Buildings | 10,087 | 65,686 | [14. Related Party Transactions](index=16&type=section&id=14.%20Related%20Party%20Transactions) Related Party Transactions During the Period (RMB thousands) | Transaction Type | Related Party | 2025 | 2024 | | :--- | :--- | :--- | :--- | | Short-term lease | Deshipu New Material | 693 | — | | Long-term lease | Zhejiang Hongliu | 4,096 | — | | Payment of deposit | Deshipu New Material | 200 | — | | Payment of deposit | Zhejiang Hongliu | 500 | — | | Borrowing | Zhejiang Baicheng Trading Co, Ltd | 26,800 | 20,800 | Amounts Due from/to Related Parties (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total amounts due from related parties | 1,453 | 80 | | Total amounts due to related parties | — | 4,830 | | Lease liabilities (Zhejiang Hongliu) | 1,524 | — | - Mr Jin Guojun and Ms Gong Lijin provided guarantees for the Group's bank loans up to **RMB 250,000,000**, and non-executive director Ms Huang Jingyi provided guarantees for bank loans up to **RMB 200,000,000**[37](index=37&type=chunk) [15. Key Management Personnel Remuneration](index=18&type=section&id=15.%20Key%20Management%20Personnel%20Remuneration) Total Remuneration of Key Management Personnel (RMB thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Short-term employee benefits | 1,255 | 1,507 | | Total remuneration | 1,255 | 1,507 | [Management Discussion and Analysis](index=19&type=section&id=Management%20Discussion%20and%20Analysis) The Group faced a complex and severe external environment in the first half of 2025, with significantly decreased revenue but improved gross profit margin due to cost control. Management has formulated strategies including market diversification, product innovation, and strengthening retail capabilities. Liquidity remains stable, and proceeds from the rights issue have been utilized as planned [Business and Financial Review](index=19&type=section&id=Business%20and%20Financial%20Review) - The Group primarily engages in the design, research and development, production, and sale of seamless and traditional intimate apparel products, offering one-stop ODM solutions and selling 'Bonnie' branded products in China[39](index=39&type=chunk) - In the first half of 2025, affected by international trade conditions (such as US tariff policies) and a weak domestic economy, the Group's ODM product export revenue decreased by approximately **13.7%**, domestic revenue decreased by **45.7%**, branded product revenue decreased by **4.3%**, and total revenue decreased by **19.2%**[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk) Revenue Analysis by Business Segment and Sales Region (RMB thousands) | Sales Region/Segment | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Branded Products | 17,850 | 18,646 | -4.3% | | ODM Products - Germany | 33,079 | 24,563 | 34.7% | | ODM Products - United States of America | 19,897 | 37,903 | -47.5% | | ODM Products - Mainland China | 16,561 | 30,500 | -45.7% | | ODM Products - Netherlands | 9,549 | 7,000 | 36.4% | | ODM Products - Canada | 9,140 | 14,823 | -38.3% | | ODM Products - Other Countries or Regions | 10,130 | 10,508 | -3.6% | | Total | 116,206 | 143,943 | -19.3% | - Gross profit margin improved from **29.2%** in the same period last year to **33.0%**, primarily due to timely reduction of workshop shifts and outsourcing to control costs effectively[43](index=43&type=chunk) - Profit for the period was approximately **RMB 1.2 million**, a decrease of approximately **77.4%** from **RMB 5.3 million** in the same period last year, mainly due to decreased revenue, partially offset by improved gross profit margin and increased rental income[41](index=41&type=chunk)[49](index=49&type=chunk) - The Group closed its Yushan production base in the first half of 2025, which had accumulated losses exceeding **RMB 200 million**, with only the Yiwu Beiyuan production base remaining to meet current capacity demands[50](index=50&type=chunk) - The number of full-time employees decreased to **611** (December 31, 2024: **777**), and employee benefit expenses decreased by **12.1%**, mainly due to employee departures caused by reduced orders and organizational restructuring[51](index=51&type=chunk) [Outlook](index=24&type=section&id=Outlook) - Management anticipates continued trade protectionism, with domestic and international markets unlikely to improve in the short term, leading to a challenging operating environment and an unoptimistic outlook[52](index=52&type=chunk) - Countermeasures include: continuously monitoring tariff trends and adjusting product pricing; actively exploring diversified international markets and deepening domestic market penetration; enhancing product quality and design innovation capabilities; strengthening self-operated retail capabilities, strictly controlling new store openings, and developing core customers[53](index=53&type=chunk) [Liquidity and Financial Resources](index=24&type=section&id=Liquidity%20and%20Financial%20Resources) Overview of Liquidity and Financial Resources (RMB thousands) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | 7,600 | 7,700 | | Interest-bearing liabilities | 213,500 | 167,900 | | Gearing ratio | 44.05% | 42.57% | | Net current liabilities | 63,600 | 59,761 | - The Group primarily funds its operations through internal cash flows and bank financing, with interest-bearing liabilities carrying annual interest rates ranging from approximately **4.25%** to **4.85%**[52](index=52&type=chunk) [Foreign Exchange Risk](index=25&type=section&id=Foreign%20Exchange%20Risk) - The Group's monetary assets and liabilities are primarily denominated in RMB, USD, and HKD, managed by regularly reviewing net foreign exchange exposure, but no forward foreign exchange or hedging contracts were entered into during the reporting period[54](index=54&type=chunk) [Material Acquisitions and Disposals](index=25&type=section&id=Material%20Acquisitions%20and%20Disposals) - During the reporting period, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures[55](index=55&type=chunk) [Capital Commitments](index=25&type=section&id=Capital%20Commitments) - As of June 30, 2025, the Group's total capital commitments amounted to **RMB 10.1 million** (December 31, 2024: **RMB 65.7 million**), primarily related to the construction of the sixth factory building at the Beiyuan production base, expected to be funded by internal and external resources[56](index=56&type=chunk)[57](index=57&type=chunk) [Contingent Liabilities](index=25&type=section&id=Contingent%20Liabilities) - As of June 30, 2025, the Group had no material contingent liabilities[58](index=58&type=chunk) [Pledged Assets](index=25&type=section&id=Pledged%20Assets) - The Group pledged buildings, machinery and equipment (net book value of **RMB 167.9 million**), investment properties (book value of **RMB 303.3 million**), and leasehold land (net book value of **RMB 20.6 million**) located in Mainland China to secure general banking facilities[59](index=59&type=chunk) [Use of Net Proceeds from Rights Issue](index=26&type=section&id=Use%20of%20Net%20Proceeds%20from%20Rights%20Issue) - The Company completed a rights issue on September 10, 2024, issuing **271,123,710 shares** and raising net proceeds of approximately **HKD 65.0 million**[60](index=60&type=chunk) Allocation and Use of Net Proceeds from Rights Issue (HKD millions) | Purpose | Allocated Amount | Amount Utilized | Unutilized Amount | | :--- | :--- | :--- | :--- | | General working capital | 54.1 | 54.1 | 0.0 | | Purchase of equipment | 7.4 | 4.8 | 2.6 | | New product R&D | 3.5 | 3.5 | 0.0 | | Total | 65.0 | 62.4 | 2.6 | [Events After the Reporting Period](index=26&type=section&id=Events%20After%20the%20Reporting%20Period) - As of the date of this announcement, no significant events have occurred that would materially affect the Group's operations and financial performance[62](index=62&type=chunk) [Other Information](index=27&type=section&id=Other%20Information) This section covers the Group's remuneration policy, significant investments, future capital plans, dealings in listed securities, corporate governance measures, and committee operations. The company is committed to maintaining high corporate governance standards and has complied with most code provisions, with the exception of the Chairman and Chief Executive Officer positions being held by the same individual. No interim dividends were declared during the reporting period [Remuneration Policy](index=27&type=section&id=Remuneration%20Policy) - The Group remunerates employees based on performance, qualifications, and operating results, including basic salary and performance bonuses. Remuneration for directors and senior management is benchmarked against comparable companies, time commitment, and the Group's performance, and is reviewed regularly[63](index=63&type=chunk) - The Company adopted a share option scheme on March 19, 2019, as an incentive. Employees of Chinese subsidiaries participate in a central pension scheme, contributing a certain percentage of their salaries[63](index=63&type=chunk) [Material Investments Held](index=27&type=section&id=Material%20Investments%20Held) - As of June 30, 2025, the Group held no material investments in the equity of any other company[64](index=64&type=chunk) [Future Plans for Material Investments and Capital Assets](index=27&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) - As of June 30, 2025, the Group had no other future plans for material investments and capital assets[65](index=65&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=27&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of its listed securities[66](index=66&type=chunk) [Corporate Governance Measures](index=28&type=section&id=Corporate%20Governance%20Measures) - The Company is committed to maintaining high standards of corporate governance and has adopted the principles and code provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules of the Stock Exchange[67](index=67&type=chunk) - During the reporting period, the Company complied with all applicable code provisions, except for code provision C.2.1 (the roles of chairman and chief executive should be separate), as Mr Jin Guojun serves as both Chairman and Chief Executive Officer[67](index=67&type=chunk)[68](index=68&type=chunk) [Audit Committee](index=28&type=section&id=Audit%20Committee) - The Audit Committee comprises three independent non-executive directors, with Mr Chan Yin Chung as Chairman. The Committee has reviewed the interim condensed consolidated financial information and accounting principles, and believes the Company has complied with applicable accounting standards and made appropriate disclosures[69](index=69&type=chunk) [Remuneration Committee](index=29&type=section&id=Remuneration%20Committee) - The Remuneration Committee consists of two independent non-executive directors and one executive director, with Dr Wei Zhongzhe as Chairman. Its primary responsibilities include evaluating the performance of directors and senior management and making recommendations on their remuneration packages[70](index=70&type=chunk) [Nomination Committee](index=29&type=section&id=Nomination%20Committee) - The Nomination Committee comprises one executive director, one non-executive director, and three independent non-executive directors, with Mr Jin Guojun as Chairman. Its primary responsibilities include considering and recommending Board members and regularly reviewing the Board's structure[71](index=71&type=chunk) [Standard Code for Securities Transactions by Directors](index=29&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) - The Company has adopted a code of conduct for directors' securities transactions, with terms no less exacting than the Standard Code set out in Appendix C3 to the Listing Rules. All directors confirmed compliance with the Standard Code during the reporting period[72](index=72&type=chunk) [Interim Dividend](index=29&type=section&id=Interim%20Dividend) - The Board did not declare an interim dividend for the reporting period (June 30, 2024: nil)[73](index=73&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=30&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) - The Group's interim results announcement for the reporting period has been published on the Stock Exchange website and the Company's website, and the interim report will be dispatched to shareholders and published on the website in due course[74](index=74&type=chunk) [Board Information](index=30&type=section&id=Board%20Information) - As of the date of this announcement, the Board comprises executive directors Mr Jin Guojun and Mr Zhao Hui; non-executive directors Ms Gong Lijin and Ms Huang Jingyi; and independent non-executive directors Mr Chan Yin Chung, Mr Chow Chi Hang, and Dr Wei Zhongzhe[76](index=76&type=chunk)

中國再生能源投資有限公司 （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 中国再生能源 CHINA RENEWABLE ENERGY INVESTMENT LIMITED | | | 未經審核 | | | --- | --- | --- | --- | | | | 截至六月三十日止六個月 | | | | 附註 | 二零二五年 | 二零二四年 | | | | 千港元 | 千港元 | | 應佔聯營公司業績 | | 21,154 | 22,134 | | 所得稅前溢利 | | 38,701 | 13,673 | | 所得稅支出 | 8 | (7,756) | (3,285) | | 本期間溢利 | | 30,945 | 10,388 | | 其他全面收益╱（虧損） | | | | | 將不會於其後重新分類至損益之項目 | | | | | 本公司及其附屬公司之匯兌換算差額 | | 21,344 ...

香港交易及結算所有限公司和香港聯合交易所有限公司對本公佈的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 佈 全 部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Powerlong Commercial Management Holdings Limited 寶龍商業管理控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：9909） 截 至2025年6月30日止六個月中期業績公佈 業績摘要 • 本集團截至2025年6月30日止六個月的收入約為人民幣1,300.9百 萬 元， 較2024年同期約人民幣1,332.9百萬元減少約2.4%。 • 本集團截至2025年6月30日止六個月的毛利約為人民幣405.3百 萬 元，較 2024年同期約人民幣449.4百萬元減少約9.8%。 • 本集團截至2025年6月30日止六個月的本公司股東（「股 東」）應佔利潤約 為人民幣182.8百 萬 元，較2024年同期約人民幣194.5百萬元減少約6.0%。 • 於2025年6月30日，本 ...